March 2010

In this issue we look at the new ATO assessment notices, Fringe Benefit Tax (FBT) year end on 31 MAR 2010, processing delays at the ATO, Rental Property travel expenses, and Tax Refund Phishing scams.

For the majority of our clients 2009 Tax Returns must be lodged prior to 15th MAY 2010.

If your Tax Returns were lodged late in the previous year, or you are included in a special category, then the time will be an earlier date.

PLEASE CONTACT OUR OFFICE NOW, and bring your accounts & information in, TO ENABLE SUFFICIENT TIME TO PREPARE & LODGE YOUR TAX RETURNS.

For assistance with any of the information contained in this newsletter, talk to us today.

CONTENTS

New Assessment Notices
The ATO have changed the assessment notices to 4 pages.

Fringe Benefits Tax (FBT) end of 2009/2010 year
The 31st MARCH 2010 is the end of the 2009/2010 FBT year.

ATO processing delays
The ATO tax return processing delays update.

Rental Property expenses - travel
Rental property expenses deductible travel.

Sophisticated Tax Phishing Scams
Be aware of Tax Phishing scams.

NEW ASSESSMENT NOTICES
The ATO has made changes to notices of assessment sent to you as a new tax processing system has been introduced. With the new presentation it is now 4 pages instead of 2.

The ATO website details these changes and new layout, which can be accessed via our website www.bellbell.com.au then select ‘Quick Links’ then ‘ATO assist’.

FRINGE BENEFITS TAX (FBT) END OF 2009/2010 YEAR
T31st MARCH 2010 is the end of the 2009/10 Fringe Benefit Tax (FBT) Year.

Those Businesses and Employees that have FBT on cars, parking, entertainment & expense payments need to collect all relevant records relating to the benefits, together with travel diaries & recorded annual klms.

ATO PROCESSING DELAYS - UPDATE
The ATO had delays in processing Tax Returns due to their new processing system being implemented.

Some 700,000 stockpiled Tax Returns were expected to be finalized by the end of February 2010. (We’ll see!)

RENTAL PROPERTY EXPENSES – DEDUCTIBLE TRAVEL
Rental Property Travel Expenses can be claimed –

When preparing for new Tenants (not the first Tenants) or inspecting the property to check nothing is untoward.
For collecting rent or attending the Estate Agents to discuss the rental property
For repairs caused by tenants &/or wear & tear as well as maintenance, cleaning & gardening.
If the rental property is a long distance away then the cost of travel, overnight accommodation costs & meals may be claimed BUT ONLY if the SOLE purpose was for the rental property.

SOPHISTICATED TAX PHISHING SCAMS
There has been a warning about a sophisticated “phishing scam” offering a tax refund that is being circulated on the internet.

DO NOT RESPOND as it is an attempt to steal your private details and information.

The ATO website has more details on ONLINE FRAUD which can be accessed via our website www.bellbell.com.au then select ‘Quick Links’ then ‘ATO assist’.

Quote of the month

“A benevolent man should allow a few faults in himself to keep his friends in countenance'”

Benjamin Franklin