The ATO introduces self-help phone service for tax debts

The ATO has introduced new measures to make the payment of tax debts as easy as possible for businesses suffering financially under the economic crisis. One of these measures is the availability of automated tax payment arrangements. Businesses (and individuals) with a tax debtless than $25,000 who are having difficulty meeting their tax obligations are [...]

Tax Law Amendment: Taxation of Financial Arrangements (TOFA)

The ATO recently introduced the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009, which outlines new rules for the tax treatment of hedging and of gains and losses from financial arrangements. It modernises the accruals and realization rules for determining gains and losses from financial arrangements, and introduces four new methods taxpayers may use [...]

Avoid delays in returns: lodge before 07/12

Businesses should lodge their tax returns by the 7th of December 2009 to avoid delays in their refunds. The new income tax system, planned to be implemented early next year by the ATO, is likely to affect this year’s tax refunds. The ATO’s computer systems will be shut down from 22/01/2010 to 27/01/2010, while the weeks [...]

Investment allowance deadline

The deadline for this year’s investment allowance is looming. Businesses have only limited time left if they wish to take advantage of the ATO’s tax break scheme. The scheme allows businesses to claim additional tax deductions for new and depreciating assets, as long as their total spend is either $1,000 (for small businesses) or $10,000 [...]