Saturday 16 Jan 2021
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Latest Accounting News
Hot Issues
Vaccination rates as they happen around the world
Toyota returns $18m in JobKeeper payments
Approaching the dawn
Videos and other resources for our clients
Brazen ATO scam costs Sydney woman $22k
Key dates for the second JobKeeper extension period
Returning expats reminded on tax snares with pensions, investments
80¢ per hour work-from-home deduction method extended
2020 is coming to an end. Phew!!
Victorian State Budget Overview 2020 - 2021
Employee Christmas Parties and Gifts – Any FBT?
FBT – Christmas Parties and Taxi Fares
JobMaker hiring credit given green light despite ongoing concerns
Super, death, and taxes
ATO extends JobKeeper deadlines ahead of Christmas
Small-business coronavirus grants set to be income tax-free under new bill
How Australians are taking advantage of income tax cuts
Part 1 – Budget reminders. Under the Hood.
Part 2 – Budget reminders. Under the Hood.
Part 3 – Budget reminders. Under the Hood.
Comprehensive list of COVID-19 initiatives and packages.
Businesses not meeting obligations warned as ATO restarts compliance programs
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
‘Follow the spirt of the law’, warns ATO
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
Budget 2020 - A very comprehensive break down.
Budget 2020 - Fact Sheets
Budget 2020 - At a Glance, Overview, Outlook
Temporary home office expenses shortcut extended again
JobKeeper extension – changes implemented
Articles archive
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Quarter 3 of 2010
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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