Tax Refund Cheques now Redundant

As from the 1st July 2013 the Australian Taxation Office will no longer be issuing income tax refunds as a cheque, instead, the refunds will be electronically transferred directly to your Australian bank account. So when you visit your Registered Tax Agent or complete your return online you will need to make sure that you have your […]

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Holiday Homes – Taxable income and apportionment of rental tax deductions.

You have just spent a relaxing time with your family in your favourite holiday destination, and you are thinking, wow this would be an ideal place to purchase a holiday home for future vacations and as an investment for retirement. To offset the expenses of running your holiday home, your plan is to have the holiday home available for rent for most of the year and use the home for your holidays for some of the year.

How does the Australian Taxation Office deal with a situation like this, do they allow you to claim any deductions against the holiday home rental income?

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Delays to tax returns lodge in January 2010

The Australian Taxation Office replaced its software in January, and because of this any tax returns lodged were not going to be processed till February 1st. I contacted the ATO on Monday and was informed that the software update didn’t go as planned and that instead of the 1st being the start of processing the […]

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ATO Accepts Credit Card

The Australian Taxation Office (ATO) has begun to accept credit card payments for debts between $10 and $10,000. The ATO will accept Visa, Mastercard or American Express and will charge a card payment fee of .67% for Visa and Mastercard and 1.02% for American Express. On a $10,000 payment the fee will be $67 for Visa and […]

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First Tax Return ….. MYTH

I had an appointment with a prospective client recently, who has just recently arrived in Australia and was preparing his first tax return. His friends had suggested that, as it is his first tax return, he would get all the tax paid during the year back. As the interview progressed I pointed out to him […]

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