The 2010 tax season is upon us. This year, the ATO has given taxpayers up to May 2011, at the latest, to lodge your tax return – but it’s best to get in early. Get in touch to get your tax taken care of professionally with Lucentor.
This year there are a few things you need to know.
– Income tests have been introduced. The ATO are adding back negative gearing losses, fringe benefits, exempt income and many more adjustments to yor taxable income when measuring your eligibility for certain offsets etc. SO unless you have a simple return, you may find you are not eligible for some things you thought you were
– The ATO is getting more and more clever with their data matching technology. These days they are notified of 99% of all interest, dividends, distributions and payment summaries.
More tax news coming soon…