Have you got a tax return or BAS outstanding? Then this is important – April 2013

Have you got a tax return or BAS outstanding? Then this is important – April 2013

As part of the program intended to enforce timely lodgement of tax returns by Australian taxpayers, the ATO has taken the unprecedented step of commencing a pilot program where taxpayers who haven’t lodged their tax returns and activity statements by their due dates could be referred to an external collection agency for follow up. This is an extension of their current program where taxpayers with overdue tax debts are referred to such agencies.

Trust Compliance Update – April 2013

Trust Compliance Update – April 2013

Recent changes to legislative interpretation now require Trustees, prior to the conclusion of the financial year, to determine the income of the Trust and to document which beneficiaries will be in receipt of that income. Traditionally these decisions had been made by Trustees after the end of the financial year. The ATO has advised however, that they will no longer allow this long- standing administration relief.

Government announces Super changes – April 2013

Government announces Super changes – April 2013

On Friday 5 April 2013 the Minister for Financial Services and Superannuation, the Hon Bill Shorten MP, and the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP, announced the Government’s proposed changes to the superannuation laws. The Government have aimed the changes at creating what they believe will be a more equitable and sustainable retirement income system.