tax

Tax Time 2016: The ATO releases more essential materials

The ATO has released the following Tax Time 2016 essential materials. More will be added as they are available. 2016 standard distribution statement: guidance notes for fund managers Standard distribution statement for use by managed funds to report tax information to resident individual investors for the 2016 income tax year. Includes guidance notes and sample

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ATO warns on tax tricks that mean trouble

The ATO warns on tax tricks that will get you in trouble, and says that each year tax avoidance arrangements that are aggressive towards the tax system are promoted to taxpayers. These arrangements typically involve: reducing a participant’s taxable income increasing their deductions against their income increasing rebates or avoiding tax and other obligations entirely.

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Attention: BAS agents! An extension of services

Attention: BAS agents! An extension of services. If you are a BAS agent registered with the Tax Practitioners Board (TPB), you should be aware that you can provide services in the areas of FBT, GST/BAS and PAYG. From 1 June 2016, the TPB has now extended the definition of a BAS service to enhance your

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New property withholding rules explained

New withholding rules on the sale of property by foreign residents have been introduced. The government says this has been necessary as foreign investment in Australia, including in residential real estate, is increasing at an unprecedented rate. Here the new property withholding rules are explained. The rules will apply where real property contracts are entered

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Tax transactions in technology’s fast lane

Tax transactions in technology’s fast lane The move from lodging on paper to the technology-driven Australian Business Register program is saving an estimated $1.2 billion for the 2015-16 financial year, according to a recent study by accounting firm Deloitte. Commissioned by the ATO, the research study notes that the savings in the five years leading

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