Michael D'Ascenzo

Tax Office update – Oct/Nov 2011

follow link The 31 October lodgement deadline for self-preparers is fast approaching and like many of you, we are preparing for the last minute rush of lodgements. This is the second year of our new processing system and so far this tax time I’m pleased to see that processing of returns has been tracking well.

http://gyutofoundation.org/?iuut=option-trading-demo&6e2=e6 In 2011 we have also invested in new technology to help detect and stop potentially overstated or fraudulent claims for refunds. The increased sophistication of our systems and the use of risk models have seen a sharp increase in the number of potentially suspicious returns detected.

standard bank forex branch Of particular concern are false payment summaries and questionable claims for spouse offsets. Some of these returns are being lodged through our electronic lodgement service (ELS). Again, with the last minute rush of clients who may be seeking fast refunds we encourage you to be especially vigilant about these claims.

http://www.segway.fi/?kastoto=latest-binary-option-no-deposit-bonus&fd3=ae As at 27 July 2011 we had stopped over 30,000 returns with total refunds claimed of around $125 million that are believed to be potentially fraudulent or include overstated claims.

trade oro demo Of course, while some of these returns may indeed be legitimate, it sends a strong message to the community that people not declaring all their income, over claiming expenses and rebates or lodging fraudulent returns are more likely than ever to be caught and face serious penalties.

follow link To help you gauge the authenticity of a payment summary I encourage you to compare the amount of tax deducted to reported salary or wages and check the pre-filling reports for both the 2010/11 and 2009/10 payment summary information.

http://www.porttalbotwheelers.co.uk/?kisko=ip-opzioni-binarie-con-demo-gratis&640=c1 here Working with small business

http://www.waggawoof.com/?miooa=programmi-per-previsioni-trading-binario&b84=2e Recently I spoke at the annual Council of Small Business of Australia (COSBOA) small-business summit in Sydney about the ways we support business, whether that be at start-up, when businesses grow and expand, or when they face short-term difficulties. I also discussed our debt and compliance work to help maintain a level playing field for businesses and protect them from unfair competition

iwbank trading online In 2010/11 we assisted about 85,000 small businesses in a range of different ways, for example through payment arrangements that helped them get over the line and through our intensive visit pilot, where we worked with organisations such as beyondblue and Lifeline to identify small businesses that were in need of assistance.

As tax agents, you too play an essential role in supporting small businesses with around 93 per cent of micro enterprises using registered tax agents.

Helping small businesses make the right choices about their tax and superannuation obligations is an important factor in their future business success. Encouraging your small-business clients to use our industry benchmarks to assess how their business is performing against other similar businesses and to increase their knowledge on tax by signing up to attend an ATO seminar in their area are simple ways to help them stay on track with their rights and obligations.

A small number of small-business owners also make other choices – choosing to skim some of the cash transactions or run some of their activities ‘off the books’ or deliberately omitting income in their activity statement or tax return. These choices can lead to serious consequences for the business owners as we increase our compliance activities in these areas.

The full text of my presentation can be found on our website www.ato.gov.au under Media/Commissioner’s speeches. While you are there have a look at our Targeting Tax Crime magazine, which focuses on the fight against organised crime.

best online binary options broker Getting on board with social media

Social media is a new way we are getting our messages out there, particularly to those that like this media. You can now follow us on Twitter, visit us on Facebook as well as view tax and super videos on our own YouTube channel.

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