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In a recent court case (Multiflex Pty Ltd v The Commissioner of Taxation), a taxpayer challenged the Commissioner's ability to withhold goods and services tax (GST). The ATO lost the case and was not granted special leave to appeal to the High Court. As a result, the ATO has abolished its long-standing practice of holding GST refunds to complete verification checks.
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The ATO has emphasised the importance of record keeping in many of its recent announcements, so how does yours stack up? The start of a new year is a great opportunity to implement new systems and get your records up to scratch.
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The Superannuation Guarantee (Administration) Amendment Bill 2011 has been introduced to the House of Reps to provide for an increase in the rate of the superannuation guarantee to phase in to 12% over 7 years starting 2013/14.
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