Changes to paper Activity Statements

On July 21, 2014, in Uncategorized, by admin

From 1 July 2014, if your activity statements are lodged via an electronic channel (ie through us or a BAS agent) the ATO will no longer mail out paper activity statements.  Instead, your next activity statements will become available in an electronic channel.

If your email address is recorded with the ATO, they will send an email advising that the next activity statement is available online.  Your activity statement will not be delivered via an email.  The ATO will only send an email notification advising you can access your activity statement online.

The paper activity statements were often used as a reminder of the due dates.  The ATO has listed a number of ways to assist in reminding you when your activity statements are due for lodgement and payment.

https://www.ato.gov.au/Business/Activity-statements/In-detail/Lodgment-and-payment/Paper-activity-statements-to-stop-for-electronic-lodgers/

You can access your ATO accounts through the Business Portal.  For further information regarding the Business Portal please contact us or check out the ATO’s website.

 

 

 

Recent changes to tax legislation and ATO administrative practices have ‘changed the game’ in relation to the resolutions by the trustee regarding the distribution of the income of the Trust.  It is crucial that the trustee of your trust considers and decides how the income of the trust for the 2012 year is to be distributed on or before 30 June.  Although this has always been important, extra emphasis must be applied to the resolution and the time it is documented from this year.

 In addition, the ATO used to allow decisions about trust distributions generally to be made after 30 June in some circumstances (subject to any specific terms in the trust deed, such as ‘default beneficiary’ clauses).  However, the ATO have stated that it can no longer allow this practice to continue.  In addition, they have said that they will be targeting some trusts this year and requiring them to provide their trust distribution resolutions by 7 July 2012.  Not all trusts will be subjected to this audit activity, but we recommend that as a matter of good practice, all our trust clients should consider these issues by 30 June and, ideally, put their trust resolutions in writing by 30 June every year going forward.

 Particular rules govern the trustee’s ability to stream capital gains and franked dividends and other income.

 If you wish to discuss the resolution or its ramifications, or about anything else in relation to your tax affairs, please contact our office.

For more information regarding the 2012 trust changes the following links may be of some assistance 

ATO                                        http://www.ato.gov.au/content/00320345.htm 

CPA  Australia                   http://www.cpaaustralia.com.au/cps/rde/xbcr/cpa-site/trusts-streaming-manual.pdf

 

 

New office address

On April 11, 2012, in Uncategorized, by admin

Please note our new office address:-

Unit 1, 16 Vanessa Boulevard, Springwood   Qld

All other contact details including PO Box and phone numbers, will remain the same.

 

Taxpayer Rights & Obligations

On March 23, 2011, in Rights and Obligations, by admin

CLIENTS’ RIGHTS AND OBLIGATIONS UNDER THE TAXATION LAWS

 

Before each return is signed, we draw your attention to the fact that current Income Tax Legislation provides significant penalties for lodging an Income Tax Return which includes false or misleading statements even in circumstances where those statements may be unintentional. 

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