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On 23 October, the Assistant Treasurer announced the new national Tax Practitioners Board (TPB).
The TPB replaces the existing six state Tax Agents' Boards. It will be responsible for overseeing the registration and regulation of tax agents and BAS agents under the new tax agent services regime, which is anticipated to come into effect from early 2010.
Imminent - new laws for BAS service providers
The final Bill of the new tax agent services regime passed by Parliament contains generous transitional arrangements, including a six month period where BAS service providers can notify the TPB to transition to registration.
The TPB will be responsible for overseeing the new regime and will contact you directly with information if they have your email address.
For information on how the new TPB and laws affect you, go to the TPB website at www.tpb.gov.au |
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Many of your clients may be eligible for the additional 50% tax deduction for certain new business investments.
Small business entities (businesses with an aggregated annual turnover of less than $2 million) need to purchase an asset by 31 December 2009 and install or first use the asset by 31 December 2010 to qualify.
They claim the bonus deduction in their tax return for the year in which they install or first use the asset. Interested clients should consult a registered tax agent.
For all the facts, go to business tax break or phone 1300 337 921. |
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Businesses may report incorrect amounts of goods and services tax (GST) if their systems for capturing and recording information fail. We refer 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 encourage your clients to review their systems and controls. |
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The Tax Office has developed two new methods for calculating eligible litres for claiming fuel tax credits. They are:
These two new methods provide more options that may fit better to the way your clients operate their business.
For more information visit www.ato.gov.au/fuelschemes |
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If your clients have recently re-entered PAYG instalments after the lodgment of their income tax return you should check to make sure their mailing address for activity statements/instalment notices is correct.
You can check this for listed clients through the BSP Portal and update, where necessary, by phoning us on 13 28 66.
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Assisting small businesses through the prevailing economic downturn is being addressed by the Obligation support visit program initiative as measures that help small businesses meet their tax obligations.
Over 12,000 visits have been completed since the program was introduced in March 2009.
We identify businesses to contact that show changes in BAS lodgment and tax payments. During the visit we: - determine what type of support can be offered, including assistance with BAS lodgment
- Provide information on products and services aimed at assisting small businesses to meet their BAS obligations when they fall due.
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D"s your client have a tax debt that is less than $25,000? If so, they can use the Tax Office's automated phone service to arrange a late payment or to pay by instalments.
The self help service operates 24 hours a day, seven days a week, phone:
- Business self help on 13 72 26
- Personal self help on 13 28 65
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As a BAS service provider, you may be asked about super contributions by your clients or their employees.
Employer contributions count towards the concessional contributions cap, which in 2009-10 is:
- $25,000 for people aged under 50, and
- $50,000 for people aged 50 and over.
Information is available on our website to help people understand how the super contributions law applies to their personal circumstances. You may like to direct them to this information for answers to their questions.
For information about contributions caps and excess contributions tax, refer to Super contributions - too much super can mean extra tax.
For general information about employer contributions and salary sacrifice, see Employers superannuation essentials. |
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Find out how the Tax Office is working with partner agencies to fight tax and superannuation crime both in Australia and overseas.
In the second issue of our online magazine Targeting tax crime, you'll find interviews, commentary and the latest information on G20 activities, identity crime, tax havens abuse and more.
Read the second issue now at www.ato.gov.au/targetingtaxcrime |
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As this is our last edition of the BAS service provider for 2009, we would like to take this opportunity to thank you for your continued subscription and support during the year. We will be back in February 2010.
The Tax Office's computer systems including the portal will be unavailable from Friday, 22 January until Wednesday, 27 January 2010 while we implement our new income tax processing system. We also expect some processing delays once we deploy the new system on 1 February.
We will keep Change program essentials and the Portal maintenance schedule updated over the holiday season. |
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Different lodgment dates may apply if your client uses a tax agent or if you lodge online.
For business lodgment dates for December, see Key lodgment dates for businesses.
Where a due date falls on a day that is not a business day (that is, a Saturday, Sunday or public holiday), lodgment or payment may be made on the first business day after the due date without incurring a failure to lodge on time (FTL) penalty or GIC. A public holiday is a day that is a public holiday for the whole of any state or territory in Australia.
If your clients use a tax agent, it may be helpful to refer to Keydates for tax agents December. |
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