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We're about a week away from seeing final recommendations presented to the Senate over the long-standing Capital Gains Tax discount scheme. While we wait, we can now take a look at what Treasury and the ATO have to say about who is using it.
We’re about a week away from seeing final recommendations presented to the Senate over the long-standing Capital Gains Tax discount scheme. While we wait, we can now take a look at what Treasury and the ATO have to say about who is using it.
At a hearing in Melbourne, Treasury and the ATO appeared to give evidence. That evidence told a story of how the nation’s richest wheel and deal through trusts and other structures to use the capital gains tax discount the most.
As tax deadlines draw closer, the Australian Taxation Office (ATO) is warning accountants and their clients when it will — and will not — consider deferral requests.
The notice comes as the tax office balances its legislative requirement to collect what is owed, and its efforts to better inform Australians about the reasons their requests for leniency might be denied.
The ATO on Monday issued new advice to tax agents, saying any request to defer tax lodgment must meet three criteria.
The first thing to consider: if unforeseen and exceptional circumstances are affecting a taxpayer’s ability to lodge before the relevant due date.
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The Tax Office has outlined important questions for tax agents to consider before applying for lodgment deferrals for their clients.
In a recent update, the ATO has highlighted some important questions to help tax agents determine whether requesting a lodgment deferral is the correct decision for their clients.
The ATO reminded tax agents that if they, their practice or their client experiences circumstances such as a serious illness, unexpected staff absence, a natural or other disaster, they may be eligible for a lodgment deferral.
"[However], you should not request lodgment deferrals if your clients simply haven't provided information with enough time for you to prepare and lodge by the due date," the ATO said.
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