TAX RETURNS – AUSTRALIA

Dodgy claims are declining, says Tax Office

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Original article by Tom McIlroy
The Australian Financial Review – Page: 8 : 23-Sep-19

Increases to the low- and middle-income tax offset and the federal government’s $158 million income tax cuts package have prompted a jump in the early lodgement of tax returns. However, despite the rush by taxpayers to get their tax refunds as soon as possible, the Australian Taxation Office has noticed a fall in the number of incorrect claims for tax deductions. The ATO issued over 5.4 million tax refunds in the first nine weeks of the 2019-20 financial year, worth a total of $14.5 billion.

CORPORATES
AUSTRALIAN TAXATION OFFICE

Retailers hope tax-cut cheques will fuel spending spree

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Original article by Rosie Lewis, Eli Greenblat
The Australian – Page: 2 : 11-Jul-19

More than 970,000 people have lodged their annual tax return with the Australian Taxation Office since 1 July. Retailers are optimistic that the federal government’s tax cuts will have a similar stimulatory effect on the sector as the one-off payment made by Labor in 2009. Russell Zimmerman of the Australian Retailers Association says the tax cuts will allow struggling consumers to buy items such as new electrical appliances and clothing.

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIAN RETAILERS ASSOCIATION, NATIONAL RETAIL ASSOCIATION LIMITED, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, WESTPAC BANKING CORPORATION – ASX WBC, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH, CITIGROUP PTY LTD

Doubts over crackdown on black economy

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Original article by Tom McIlroy
The Australian Financial Review – Page: 12 : 16-Aug-18

Keith Swan of KPMG has questioned whether a Federal Government initiative will be effective in combatting the black economy. From mid-2019, companies that tender for federal contracts worth more than $4m will have to provide a statement of tax record from the Australian Taxation Office. Swan says that amongst other things, this requirement could potentially bar companies from tendering if they have had tax disputes with the ATO in the past. He adds that newly-formed companies with no tax history may have a competitive advantage over established rivals.

CORPORATES
KPMG AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, THOMSON REUTERS PLC

Tax Office reveals its top targets for audits

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Original article by Duncan Hughes
The Australian Financial Review – Page: 7 : 4-Jun-18

Home offices, cryptocurrencies and property investments will be among the Australian Taxation Office’s main areas of scrutiny when it comes to assessing 2017-18 tax returns. ATO assistant commissioner Kath Anderson notes that the amount of data that it collects each year continues to grow, making it easier to compare taxpayers to others with similar incomes and occupations to see whether appropriate deductions are being claimed.

CORPORATES
AUSTRALIAN TAXATION OFFICE, AIRBNB AUSTRALIA PTY LTD