Thursday 21 Feb 2019
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Latest Accounting News
Hot Issues
Strategies to handle scam phone calls and problem e-mails.
Instant asset write-off threshold upped to $25k
Jail time for GST fraud
Correcting GST Errors
Fuel tax credit rates raised
ATO set to contact clients for overdue TPAR
Reminder on Victoria Property Duties
How Australia is performing.
Global outlook summary: Down but not out
Bookkeepers remind on incoming TPRS obligations
Golden Rules for Deductions
How's Australia going - vital statistics?
Tax, SMEs set to be ‘political football’ in 2019 as election nears
Cap lifted on popular financing option for clients
Expiry of 900,000 interest-only loans set for January
Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments
Tax Office sounds alarm on popular property strategy
Our Advent calendar for 2018
‘Please do not panic’: ATO boss addresses STP concerns
Stop!! Don't do a paper Budget, use our online budgeting tools instead.
Employee Christmas Parties and Gifts – Any FBT?
Behavioural Coaching and your financial plans
FBT – Christmas Parties and Taxi Fares
Information needed to be the BBQ expert.
Tax consequences of trust vesting
Fringe Benefits Tax (FBT): employees’ private use of vehicles
ATO to contact clients over bank details
ATO claws back $850m in unpaid SG in FY 17-18
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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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