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ATO crackdown on cash economy

As part of the ATO's approach to managing tax risks, this financial year they will send around 110,000 letters to taxpayers who may be participating in the cash economy.

Electing to pay your PAYG instalments annually

If you are eligible to pay annually and wish to do so, you must advise the Australian Tax Office by the date on which your first quarterly instalment would otherwise be due.

To make an election to pay annually, phone 13 72 26 and follow the verbal prompts. You will be required to provide some proof of identity, such as your tax file number (TFN) or an Australian business number (ABN).

Free superannuation clearing house for small business through Medicare Australia

A free superannuation clearing house service is being offered to small businesses with less than 20 employees. This service is optional and is designed to reduce red tape and compliance costs for small businesses when meeting their super guarantee obligations.
Read more... [Free superannuation clearing house for small business through Medicare Australia]

HELP repayment income

In a recent ATO training session, specific mention was made regarding potential issues with tax liabilities arising from HELP (Higher Education Loan Program) repayments even though the employer was withholding monies for HELP debts.

PAYG withholding tables

The ATO have recently advised that they will not be issuing paper copies of the tax tables for the 2010/11 year onwards. These tax tables provide employers using manual accounts with information relating to the amount of tax to be withheld from employees wages.