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ATO targeting offshore avoidance
The ATO has warned the net is closing in on individuals with undisclosed offshore income and assets. Deputy Commissioner Michael Cranston has advised that the ATO has ramped up its efforts to identify offshore tax evaders by mining data from overseas tax authorities and financial …
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Taxable Payments Annual Report due 21 July 2014
If you operate in the building and construction industry and you pay contractors for building and construction services, you need to report those payments to the ATO on the Taxable Payments Annual Report each year by 21 July of the year following. If you use …
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Happy New Financial Year!
Happy New Financial Year to the Isaacs & Cole community. Now that we have ticked over into the new financial year, it is worth recapping changes effective 1 July 2014: Individuals Temporary Budget Repair Levy which adds 2% to the tax rate for every dollar …
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SuperStream start date pushed back
The Government has just announced that the date by which superannuation funds and employers must comply with the new SuperStream contributions data standards has been pushed back. All employers and superannuation funds will now have up to 1 July 2015 to meet the new standards, …
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Free tax webinars
The ATO regularly runs free tax webinars on common topics to help taxpayers keep on top of their obligations. They are currently running sessions on a number of topics including: Tax basics for small business Taxable payments reporting for the constructions industry Owning a rental …
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Budget Summary
Click to download the Client Alert Budget Special 2014
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Commission of Audit findings
“Business as usual is not a viable option for Australia”. The Commission of Audit’s much anticipated recommendations released today are significant and fundamentally rework access to the age pension, access to health care, family benefits, and the efficiency of Government and the services it delivers. …
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ATO App for small business
The ATO has developed an app for small businesses which allows you to access ‘Small Business Assist’, useful calculators and tax information when on the move. Download the app here.
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ATO reviews approach to SMFSs as popularity grows
The ATO have announced that there will be a heavier focus on working with trustees of SMSF’s and their advisers to improve compliance with the governing rules and regulations, and to prepare the SMSF industry for regulatory changes that may take effect next year. The government …
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Are you ready for Superstream?
A new data and e-commerce standard is being introduced to make it possible for employers to send contributions to all funds in one standard electronic format. In future, you will no longer need to provide this information to separate funds in different formats. The standard …
