Category: Australian Tax Office
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ATO warns many to count on their tax refunds will shrink
It’s virtually a month into the brand new monetary yr and for tens of millions of Australians, meaning now could be the time to file your tax return. A variety of pre-fill information is offered on the Australian Taxation Workplace (ATO) myGov platform that permits taxpayers to finish 2022-23 returns with minimal trouble. “Many of…
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Why being an early chook doesn’t pay when submitting your tax return
The brand new monetary 12 months is upon us and which means tens of millions of Australians are speeding to file their tax returns for the 2022-23 12 months. However whereas the prospect of a profitable tax refund is tempting, the tax workplace is urging individuals to carry off and be affected person – advising…
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Get the utmost in your tremendous earlier than the monetary yr ends
The top of the monetary yr is quick approaching, so that you solely have just a few days to get your superannuation shipshape earlier than June 30. Take into account that in case you miss deadlines to do issues this yr you miss the chance to take advantage of your retirement financial savings long run.…
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$700 tax break for low earners might elevate returns
We’re now lower than two weeks from the tip of economic yr (EOFY), and whereas tax workplace adjustments will imply returns are more likely to be smaller in 2023-24, there are nonetheless sweeteners. The low- and middle-income tax offset (LMITO), which was accountable for massive returns in the course of the COVID-19 years, has expired.…
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Auditors savage ‘not efficient’ work in Treasury black financial system crackdown
The federal Treasury has come underneath hearth for its position in a $921 million crackdown on the black financial system, with a scathing audit workplace report exposing a litany of primary governance failures. In findings launched this week, the Australian Nationwide Audit Workplace (ANAO) savaged the Treasury over a 2018 plan to claw again billions…