News & Events

ATO audit activity

The Taxation Office advised that they have received more funding in the main 2009 budget and they will be focusing on individuals with a net worth of $5 to 30 million. They will also be looking at companies or businesses with a turn over between $100 to $250 million.

Data Matching by the Taxation Office

The tax office have made clear that they have been actively matching data from your tax return with Centrelink, The Department of Veteran Affairs and other external sources such a financial institutions. It is important that clients provide everything necessary to complete as accurately as possible their income tax returns.

Super

It is important that clients understand how much super they can put in their superannuation fund for 2009 - 2010 financial year. They can salary sacrifice contributions as well as including the 9% SGC from their employer of $25000 for those under 50 years of age and $50000 for those over 50, up to age of 75. They can also make non-concessional contributions of $150000 per year and can bring forward $450000 in one year if they are 64 years or younger on 1 July.