Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
Fringe Benefits Tax (FBT): employees’ private use of vehicles
ATO to contact clients over bank details
ATO claws back $850m in unpaid SG in FY 17-18
Appetite for property in SMSFs shows signs of life despite tough market
Superannuation gender gap narrowing, research shows
Identification numbers for directors
How financial advice helps create wealth.
Australia's vital statistics
Unlocking equity crowdfunding in Australia
$20m boost for SME clients looking to exporting
Work-Related Expenses
ATO updates crypto guidance
ATO zones in on hundreds of newly created reserves
Senate passes $20,000 instant asset write-off extension
Victorian Vacant Property Tax
Director Penalty Notices
ATO set to pounce on undisclosed income streams
In case you missed it – The company tax Bill that did pass Parliament.
GST spotlight headed to smaller end of town
Superannuation Amnesty – Maybe! Maybe Not!
ATO drills in car-sharing focus this tax time
What is Bankruptcy?
Update of Australia's vital statistics
ATO speaks on risk factors, surveillance triggers for FY19
ATO’s corporate residency guidance cops backlash
ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
Guidance for SMSFs on transfer balance reporting
ATO issues alert on super, tax scams
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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