Saturday 22 Jul 2017
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Latest Accounting News
Hot Issues
Items that heat up your depreciation deductions
Doing a budget is a good idea but ....
Government ‘undermines’ tax system in new moves on property expenses
Taxpayer denied deduction for work expenses of $60,000
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Key Economic Indicators, 2017
Government to shut down salary sacrifice loophole
Crowdfunding legislation gets greenlight
ATO heavyweight responds to hacking fears
Checklist - Individuals Tax Returns - 2017
Checklist - Tax time 2017 - Company, Trust & Partnership
Checklist - Superannuation Funds - 2017
ATO to ramp up scrutiny of $20K tax break use
‘Bank-like heists’ make way for new wave of cyber crime
ATO reports on key contraventions for 2016-17
ATO, mid-tiers warn on common expenses myths
SMSF trustees told to take action on contributions
Higher instant asset write-off threshold for small business extended
Australian population figures
New data points to spiralling retirement costs
Personal insolvency numbers spike across Australia
ATO cracking down on taxable fringe benefits
Intangible capital improvements made to a pre-CGT asset
The three core pillars of this year's budget
Federal Budget - 2017-18 - Overview
Does your business import or export goods and services?
Federal Budget - 2017-18 - Budget documents
When does an asset cost less than $20,000? Depreciating assets: composite items
ATO finalises guidance for capped defined income streams
Warning on trap with trust deed updates
2011 Census - what was the make up of your area?
It’s no secret that Australians have some of the largest houses in the world.
Resources on our site to help you and your family.
ATO defends approach to SG compliance
Essential steps for SMSF clients before 30 June
New tax incentives for early stage investors
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Articles
Delays in Processing 2010 Income Tax Returns
Incorrect Super on Payment Summaries
Use a Registered Tax Agent to Improve Cash Flow
Tax Debts Deferral
Tax and the Non-resident Investors
Deemed Dividends
Making Investment Decisions – Have you done your Research?
Delays in Processing 2010 Income Tax Returns
The Deputy Commissioner of Taxation has recently defended the processing time of 2010 refunds.

There is concern that some taxpayers have yet to receive their refunds, despite having lodged their 2010 income tax return with the Australian Taxation Office in July.

Whilst “there have been a significant number and amount of refunds issued, there does remain a number of returns still going through the processing and verification actions.  This is normal during this period every financial year. It should be remembered these verifications may be for a variety of reasons”.

“Processing returns did not start straight away, because we had to test the new software installed for the 2010-2011 year”.  Processing did not start until 9 July 2010.

“There had been delays with the processing of returns for taxpayers who have Higher Education Loan Program (HELP) and Student Financial Supplement Scheme (SFSS) obligations”.

Another problem has been the mistakes of employers including incorrect amounts of reportable superannuation contributions on PAYG summaries.

This comes on top of the dismal performance by the Tax Office of 2009 tax return processing after 1st January 2010.

Whilst most refunds are processed quickly, taxpayers would be wise not to rely on consistently rapid turnaround of their tax assessment and not spend the refund before it is received.

 



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