Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
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Articles
Pension Payment Minimums for 2010/11
3 Tax Time Checklists - Company, Individual and Superannuation Fund
Overseas Investment in Australia – Confusion reigns.
Bank Fees Dropping
Personal Credit Ratings – Part 2
Develop a more complete understanding of your financial position by using the Calculators / Financial Tools on this site.
Henry Report - a note on the Report's recommendations
Income Tax Assessment Process Still Struggling
2010-11 Commonwealth Budget
End of Tax Payment Concessions
Australian Taxation Office (ATO)
ATO new Notice of Assessments and Statement of Accounts
Australian Taxation Office (ATO)
Backlog in Processing Tax Returns.

The ATO introduced a new income tax processing system in January 2010 and is in the process of converting approximately 27 million taxpayer records, 331 million accounts and 282 million forms into their new system.

This change program involves a staged implementation of a new integrated core processing system to replace multiple systems that have been used to process registrations, forms, payments and accounting transactions.

Some of the major changes include changes to the notice of assessment to improve layout and a new statement of account for income tax.

Because of this switch, the ATO has a backlog of returns that were lodged in January 2010. The ATO expected to have this backlog cleared by the end of February 2010, but by end of March they were still struggling.

Even worse is the 140,000 assessments issued without refund cheques – this is not anything to do with your tax agent. 

We hope the ATO will be apologising profusely and paying interest.

 

 



14th-April-2010