The Tax Office has released the following tax return forms, schedules and accompanying guides for the 2013-14 financial year: Business industry codes 2014 CGT schedule 2014 Company tax return and instructions 2014 Consolidated groups losses schedule 2014 Dividend and interest schedule 2014 Explanatory notes for the life insurance companies taxation schedule 2014 Family trust election,…
Each year, the ATO adjusts PAYG instalment amounts using a formula that takes into account the expected growth in the economy. For the 2014-15 income year, the ATO has advised that the GDP adjustment used to work out taxpayers’ quarterly PAYG instalment amounts will be 4%. [LTN 123, 30/6/14]
The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 1st quarter of the 2014-15 financial year (ie 1 July 2014 to 30 September 2014) are as follows: GIC annual rate is 9.69%; GIC daily compounding rate is 0.02654794%; SIC annual rate is 5.69%; SIC daily compounding rate is 0.01558904%.…
As a result of the release of Reserve Bank data, the benchmark interest rate for the 2014-15 income year, for the purposes of the deemed dividend provisions of Div 7A of the ITAA 1936, can now be calculated to be 5.95% (down from 6.20% for 2013-14). The benchmark interest rate is the same as the Indicator…
The ATO says it is mining data to identify individuals with undisclosed offshore income and assets. Deputy Commissioner Michael Cranston said the new information would be used to encourage people to disclose under Project DO IT, the ATO’s offshore disclosure initiative. “The net is closing for people who have undeclared offshore income – we’re looking…
AUSTRAC has released its Information Circular No 86 on the ATO’s Project DO IT offshore voluntary disclosure initiative. The Circular says the initiative allows taxpayers to voluntarily disclose previously unreported foreign income and assets before 19 December 2014. It said the ATO is urging taxpayers with offshore assets to declare their interests ahead of a global crackdown…
The ATO has released further details of its external compliance assurance process (ECAP) for taxpayers in the large market, including guideline materials for assurance practitioners when conducting agreed-upon procedures engagements under the ATO’s ECAP pilot program. The ATO said the intent of the pilot program is to test the effectiveness and viability of taxpayers using existing…
From the ATO website: Instant asset write-off and simplified depreciation – Administrative treatment – The ATO has noted the Government’s intention to repeal the provision allowing small businesses an accelerated initial deduction for motor vehicles. The ATO says taxpayers, including those who use early balancing substituted accounting periods, who lodge a tax return for the…
The ATO has signalled that it will pay close attention to work-related expenses claimed as deductions by individuals when they lodge their 2013-14 tax returns. The ATO says incorrect expense claims are becoming easier for it to detect. This year, the ATO says it will not be limiting its attention to particular occupations. Rather, it…
The Commissioner on Thur 12.6.2014, addressed the Institute of Chartered Accountants Australia (ICAA) Practice Forum. Mr Jordan said the ATO has received feedback from tax and audit professionals who were recently recruited from outside the ATO. The staff provided feedback on how the ATO could improve the way it manages audits. Their suggestions included better project…