Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
300,000 SMEs utilising $20K write-off, says ATO
‘A bad thing times 10’: ATO set for new SMSF blitz
Capital Gains and Renounceable Rights
Paperwork bungles lead to $38k in payments
Australian Dietary Guidelines and healthy eating chart (PDF)
Former director liable for company’s unpaid tax liabilities
Resources on our site to help you, your family and your friends.
Super for housing measures enter Senate
No Special Circumstances to allow Excess Super Contributions
Housing tax measures progress to Parliament
AirBnb – wrong tax outcome?
Are young investors wasting their youth?
ATO sending 'more letters than ever' on income tax errors
Powerful Budgeting, cash flow and Super Tools available on our site.
Property, unit trusts in ATO's sights
Australian Dietary Guidelines and healthy eating chart (PDF)
Major Bank Levy Passed
NSW tops list as ATO reveals billions in lost super
How is your super going, ready for retirement?
Australia's leading causes of death - ABS
ATO increasing data exchange with international regulators
Illegal SMSF early access scheme leads to $6,000 fine
Our 'hardest' SMSF tasks
Uber drivers hit for 10% tax
Lack of literacy promotes unrealistic goals
Taxpayer failed to prove that payments were “loans”
New STP dates confirmed as ATO goes on compliance blitz
ATO flags compliance project for FY17/18
Items that heat up your depreciation deductions
Doing a budget is a good idea but ....
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Quarter 2 of 2010
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
Income Tax Assessment Process Still Struggling
.

The Australian Taxation Office implemented a major overhaul of its computer system and assessment process, which began to effect agents and taxpayers in late December 2009.  Unfortunately, it has not gone well resulting in a great deal of criticism and creating many headaches for tax agents trying to understand the new paper warfare and time to chase up missing cheques, unpaid interest, etc., etc.

In summary:-

January 2010
Tax Office advises we might experience “temporary service delays”.

February 2010
News that there is a backlog of 300,000 returns yet to be processed

March 2010
New four page Notice of Assessment, rather than a simpler one page version.

A significant number of refund cheques just disappeared (down a black hole??)

When some of these refund cheques are mailed out, they are dated two to three weeks earlier.  No explanation or acceptance of fault!

April 2010
Assessments are sent out with incorrect dates.

Assessments are sent out without refund cheques.

Partial Assessments are sent out.

Refund Assessments’ are sent out with General Interest Charge (GIC) charged and (later on in the same Assessments) GIC remitted.

May 2010
Backlog reduced and improvements starting.



16th-May-2010