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Accountant Tag

The ATO has confirmed that the processing of 2010-11 year income tax returns is proceeding normally and refunds are issuing as expected within the 14 working day service period.

The Australian Labor Government has released details of its plans to put a price on carbon. From 1 July 2012, the scheme proposes to set a price of $23 for each tonne of carbon pollution released into the atmosphere by Australia's biggest polluters.

The ATO has warned the community to be alert to tax related scams in the lead up to tax time. During the busy tax season, scammers will try to catch you off guard to trick you into providing your personal details and pay money.

By the end of this financial year, the number of ATO auditors working on cash economy cases will have almost doubled and more than 200,000 businesses would have been audited or reviewed. The main issue that is uncovered during these audits continues to be inadequate record keeping practices.