Hi [fname]. This month’s Baker Affleck newsletter features two very important themes: • The Henry Report; and Henry Review Summary
What do these proposed changes mean to you and your business? Click here to view full article
How the ATO is Catching Up with the Cash Economy
The ATO uses its data matching programs to gather information from a variety of sources and cross match it with taxpayer information and the ATO’s small business benchmarks to identify businesses which have not reported all their income. Click here to view full article Resource Super Profits Tax (RSPT)
Click here to view full article Economic Update Macquarie Private Wealth - 30 April 2010 |
Newsletter No. 9 Dates to remember This month - Budget Night with the Federal Budget looming (Budget Night is Tuesday, 11 May), we are expecting an unveiling of changes to superannuation, income tax and Unpaid Present Entitlements (UPEs) Tuesday, 18 May - 12.30pm Baker Affleck is holding a post budget briefing in our Boardroom - lunch will be served. Click here if you would like to attend Click here if you would like to receive information
Dates from the ATO Wednesday, 12 May - Quarterly activity statement quarter 3, 2009–10, due date for lodging and paying if you are lodging via paper or ECI. Saturday, 15 May - 2009 income tax returns for all other entities not required earlier (including all other consolidated groups), and not eligible for the 5 June 2010 concession – due date for:
Friday, 21 May - April 2010 monthly activity statement, due date for lodging and paying. Wednesday, 26 May - Quarterly activity statement, quarter 3, 2009–10 – due date for lodging and paying if you are lodging via ELS or the Tax Agent Portal. Friday, 28 May - Fringe benefits tax annual return – due date for lodging and paying (where required). Saturday, 5 June - Income tax return lodgment for non-taxable or refund as per latest year lodged, and actual non–taxable or refund in the current year. Tuesday, 15 June - Due date for paying assessments of the super contributions surcharge and termination payments surcharge we issued on 15 May 2010. Monday, 21 June - May 2010 monthly activity statement, due date for lodging and paying.
Baker Affleck |
The Australian Government has released its response to the Henry Review, with a report on Australia's Future Tax System. 
Cash economy businesses, which are being targeted by the ATO run part of their business off the books or don't report all their income.
A controversial proposal in response to the Henry Review announced by the Federal Government this week was a 40% Resources Rent Tax. This is not good news for large mining companies as it would be a significant tax increase, making Australian mining projects among the most highly taxed in the world and therefore threatens their ability to compete on a Global scale.