Wednesday 18 Jul 2018
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Latest Accounting News
Hot Issues
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
SMSFs - Our 'hardest' jobs
Tax Office reveals adventurous, dubious claims ahead of tax time
ATO reveals top tax time mistakes, set to contact 1 million taxpayers
Watch out for charges with incoming GST laws.
Super savings gap for women stuck at 30%
‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period
Statistics for all Australians
Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
Government intensifies cash payments crackdown - Kelly O'Dwyer
Passive investment companies tax rate still 30%
Cryptocurrency audits tipped to increase this EOFY
Australia by numbers – Update
$2.4m lost to tax scams, ACCC reports
No GST on digital currency
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Tools to help you manage your financial position are available on our site.
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
Australia by numbers – Update
Beware residency rules if moving overseas
Meaningful tax reform in high demand
Working holidaymakers and tax returns
Single Touch Payroll – 1 April 2018 Action
Property investors on notice after ATO spots false claims
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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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