Tax Return - 8/16 - CS Accountants
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Tax Return Tag

 

The Australian Taxation Office (ATO) is warning people to be careful when using share trading transactions known as dividend washing. The ATO is concerned that some entities are trading listed shares on a Special Market operated by the Australian Securities Exchange (ASX) with the sole purpose of obtaining additional franking credits.

 

As in previous years, the Australian Taxation Office (ATO) has stated that their offices will be closed during the Christmas-New Year holiday period and they will not be processing any forms, applications or returns. You will still be able to lodge returns during this period, however returns lodged from mid-December to early January will take longer than usual to process.

 

The newly elected Abbot Government has announced its formal position with respect to a large number of previously announced tax, superannuation and related changes that have not been legislated. The bulk of legislation to be progressed should be passed by Parliament by 1 July 2014.

The Department of Human Services has advised that it has requested and collected from eBay Inc the name, address, and date of birth of sellers with significant sales. The details collected will be electronically matched with specific Department data holdings to identify social welfare recipients who may not have disclosed income and assets to the Department.