16/11/2011
FYI: from the ATO
TFN withholding for closely held trusts
On 16 November 2011 we will begin issuing letters to trustees who have lodged a tax file number (TFN) report from June 2011 onwards from which we have been unable to identify the beneficiary.
If you receive one of these letters on behalf of a trustee client, you should obtain the correct details from the beneficiary and provide us with a TFN report with updated details.
Where a beneficiary does not quote their TFN, or is taken not to have quoted their TFN, the trustee is required to withhold at the top marginal rate plus Medicare levy on any payments made to them from the trust.
Where a TFN report has been lodged and a trustee does not receive a letter, trustees can consider their TFN reporting obligations to be met.
Beware of tax related email scams
We see noticeable spikes in scam activity during tax time, so it is important to be vigilant in maintaining the security of your and your clients' information.
Our online security page is constantly updated with examples of the latest email scams relating to the ATO as we become aware of them. It also includes information about:
how you and your clients can ensure online security
current legitimate ATO SMS and email activities
how to report a scam.
For more information, refer to Online security.
Progress report 19 - Latest figures as at close of business 9 November
In the past week we have received 284,000 lodgments including 252,000 returns for the 2011 year and have issued 352,000 refunds with a value of $0.80 billion relating to the 2011 year.
The TAXAGENT magazine - issue 53 - October 2011
The incorrect age (less than 64 years) in the article, Super and the bring-forward provision has been corrected. The bring-forward provision will apply to your clients if they are less than 65 years of age at any time in a financial year and they exceed the non-concessional cap in that year.
Tax practitioner webcast
Broadcast sent 15 November 2011 advising registered tax agents that the latest webcast is now available to view online.
Project Wickenby
An overview of Project Wickenby cross-agency task force, including who could be investigated, who is prosecuted and the results the project is achieving.
System maintenance and issues
This page contains scheduled downtime and details of issues currently affecting our online services.
Keydates for registered agents - November
November key dates for registered agents.
Foreign exchange rates
List of daily, monthly and annual foreign exchange rates.
Proposed extension to the petroleum resource rent tax
On 2 November 2011, the government introduced the extension to the petroleum resource rent tax (PRRT) legislative package into parliament, which will cover all Australian onshore and offshore oil and gas projects.
Proposed minerals resource rent tax
On 2 November 2011, the government introduced the minerals resource rent tax (MRRT) legislative package into parliament, which will apply to all new and existing iron ore and coal projects in Australia. It will be applied at a rate of 30% on the taxable profit of a project.
Goods and services tax treatment of new residential premises
The government intends to amend the law to clarify how new residential property is treated under the goods and services tax legislation.
Mynott and Commissioner of Taxation
Outlines our approach to this case, which concerned whether the applicant was a 'resident of Australia', as defined in subsection 6(1) of the Income Tax Assessment Act 1936 (ITAA 1936) for the 1999, 2000, 2001 and 2002 tax years.
Legal Database updates
The latest updates to the Legal Database.
Cash economy letter program 2011-12
Details of the types of letters we issue to address the cash economy.
International dealings schedule 2012
Overview of the International dealings schedule 2012 that will be introduced in 2012.
SME Communicator - November 2011
SME Communicator provides relevant information specific to businesses with an annual turnover between $2 million and $250 million.
