BT Corporate Advisory Pty Ltd

News Archives - 2009

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14/12/09 ATO's updated offshore voluntary disclosure initiative

On 30 November 2009, the Commissioner of Taxation, Michael D'Ascenzo, announced an update of the ATO's offshore voluntary disclosure initiative to encourage people to come forward and make disclosures in relation to their offshore activities.

The updated offshore voluntary disclosure initiative (the Initiative) basically allows taxpayers to make a voluntary disclosure of their unreported income or over-claimed deductions from offshore activities anonymously to the ATO for an indication as to whether the ATO would undertake an investigation to determine whether there is any potential breach of the criminal law.

To take advantage of the benefits under the Initiative, eligible taxpayers must make a full and true disclosure of material facts to the ATO, ie. a named voluntary disclosure. The Initiative is not valid where an audit has already commenced.

Under the Initiative, the benefits include:

There will be zero per cent penalty for each tax year where additional taxable income is $20,000 or less (no change from the original offshore voluntary disclosure initiative)

Where additional taxable income exceeds $20,000 for a tax year, there will be ten per cent penalty (was five per cent under the original offshore voluntary disclosure initiative)

General interest charge will be reduced to nil for the tax years up to and including the 2002 tax year

General interest charge will be reduced to base rate for 2003 and 2004 tax years. Shortfall interest charge will apply for 2005 and later tax years at normal rates.

The Initiative is available until to 30 June 2010.

For further information, visit the http://www.ato.gov.au/corporate/content.asp?doc=/content/00222537.htm

24/11/09 Are you or your business at risk of reporting GST incorrectly?

Businesses may report incorrect amounts of goods and services tax (GST) if their systems for capturing and recording information fail. The ATO refers to these errors as 'integrity of business system risks'.

Inadequate, non existent or poorly documented controls can lead to a wide range of errors.

To reduce the risk, consider the errors listed in the GST and integrity of business system risks fact sheet and review your systems and controls. Click here

23/11/09 Small business benchmarks available online

New performance benchmarks based on information supplied in income tax returns have joined our existing benchmarks to provide a full range of Small business benchmarks.

Benchmarks provide a snapshot of what is happening in particular industries by providing a measure of various business costs in relation to turnover.

The benchmarks make it easier to identify possible non-reporting of cash transactions.

http://www.ato.gov.au/businesses/pathway.asp?pc=001/003/102

16/10/09 ATO Debt self-help phone service

Does your client have a tax debt less than $25,000? If so, they can use our automated phone service to make a late payment or arrange to pay by instalments. When phoning the service, your client will need to provide:

their tax file number (for individuals) or ABN (for businesses)

the amount outstanding

The self-help service operates 24 hours a day, seven days a week. Go to this website.

4/09/09 Is your business tax-ready? - a new ATO computer program

Is your business tax-ready? - a new computer program available free from the ATO -is designed to help small businesses check whether their business practices are helping them meet their tax obligations. For more information and to access the program, go here

21/07/09 GST and Property

GST and Property transactions can be confusing, this ATO guide will clarify some of the issues for you. As always please contact our office to discuss your circumstances.

1/07/09 Link to important info from the ATO

Dear All, This link will take you to some important information from the ATO: http://www.ato.gov.au/print.asp?doc=/content/00196366.htm. Please feel free to contact our office if you have any queries.

1/06/09 Investigative Accounting Services

Due to the high level of demand we are pleased to introduce Investigative Accounting Services. These covers a wide range of analytical and investigative work that adds value in the following circumstances:

Suspicion and Investigation of organisational fraud

Matrimonial Disputes

Shareholder or Partnership Disputes

Due Diligence Matters

Family Business Disputes

Please contact our office if you require additional information or to discuss your circumstances.

21/05/09 Kaplan Professional 2009/10 Federal Budget Tax Summary

We are pleased to attach the Kaplan Professional 2009/10 Federal Budget Tax Summary. The Budget Summary and other recent key income tax developments are also available from Kaplan Professional website under Tax and Accounting, Recent Tax Updates.

19/05/09 Financial Year Fast Approaching

With the end of financial year fast approaching there are a number of matters to consider. You should be talking to us to take advantage of the opportunities that may be available to you. So what are you waiting for? Pick up the phone and call our office now!

30/3/09 ATO’s Industry Benchmarks

The Australian Taxation Office compiles benchmark data for various industries and businesses which it subsequently uses to compare the actual performance of the business under audit. It is important to be aware of these benchmarks and compare your business to the industry norm. Please contact our office to discuss how your business compares to the benchmarks. The following link will take you straight there.

http://www.ato.gov.au/businesses/content.asp?
doc=/content/00117591.htm

26/03/09: Investment Allowance to Help Businesses in Tough Times

Please refer to this link that gives some general information about this great incentive to buy ‘assets’ in the near future. Don’t miss out! Please contact our office now for more details.

Tax Bonus Information – Don’t Miss Out!

Please visit the following link and contact our office for more information http://www.ato.gov.au/corporate/content.asp?doc=
/content/00178930.htm&page=1&H1

10/02/09: Which Structure Is Right For Me?

Due to a popular demand we are pleased to enclose the ATO’s brochure that can provide you with preliminary information about different structures to conduct your business. Please contact our office to discuss your requirements.

23/01/09: Allianz Australia

We are pleased to announce that we’ve negotiated a special deal with Allianz Australia who will offer our clients a discount on workers compensation and general insurance requirements.

Another advantage of this to you is that a consultant will be appointed to your file who will be assisting with your on-going requirements and queries. They will also insure that your policy is most appropriate under the changing circumstances. You’ll be treated like a VIP for a change!

2/1/09: Partnership with Jims Franchise Group

We are pleased to announce that BT Corporate Advisory
Pty Ltd is now preferred Tax Agent and Accountants
with Jims Franchise Group. This gives us a strong strategic position to utilise the expertise of Jim’s Bookkeeping Team
to add value to our clients businesses. Please contact our
office if you would like more information.