Showing posts from July, 2018

ATO Assistant Commissioner Kath Anderson busts tax time myths.

Every individual tax payer, corporate tax payer and other tax payer has right to minimise their income tax liability within the letter and spirit of various income tax and revenue laws.1 A tax payer’s misconception can lead to mistakes, errors, and omissions in their tax return that may be construed as tax evasion in the eyes of the law.

The Australian Taxation Office (ATO)’s website has published a Media Release2 on 30/Jul/2018 listing a number of commonly prevailing myths among Australian individual tax payers and corrected it with factual information busting the myth. The Media Release has relevant information and guidelines that could be invaluable to the individual tax payers who self-assess and file their tax returns. It also cites a number of useful practical examples by Assistant Commissioner Kath Anderson.

The Tax Practitioners Board (TPB) Australia has also indicated they will focus on ensuring Australian registered tax practitioners are complying with relevant tax laws, code …