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A 2016 study by Roz Lahey reveals Australians honesty declaring expenses on tax returns

In the case of an audit, The Australian Taxation Office (ATO) can go back five years after your last lodged tax return. Following advances in technology, it is becoming increasingly important for clients to maintain accurate records and ensure these are adequately backed up. The following study was designed and conducted by Roz Lahey to gain insights related to tax returns and client honesty when it comes to declaring expenses.

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SUPERANNUATION GUARANTTE RATE 9.5% FOR 2015/2016 YEAR, AND FOR 2016/2017 YEAR

The Superannuation Guarantee rate remained at 9.5% for the 2015/2016 financial year, and again remains at 9.5% for the 2016/2017 financial year.  The Superannuation Guarantee rate first increased to 9.5%  from 1 July 2014 (the 2014/2015 year).

Based on revised laws, the SG rate will remain at 9.5% for another 5 years, increasing to 10% from July 2021, and eventually increasing to 12% from July 2025.

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Federal budget 2015

Highlights from the 2015 budget

Budget 2015 wrap – Small businesses, jobs and families were front and center in this year’s budget, which focused on plans to restore confidence in the economy.

Valuable concessions for small business.  Australia’s 2.1 million small businesses received a boost from Tuesday’s Federal Budget with tax cuts and immediate deductions available on asset purchases.

The measures introduced for small businesses include:

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ATO DATA MATCHING – WHAT IS IT AND WILL IT AFFECT ME?

You may have heard that ATO data matching technology is now being used in Australia.  The ATO launched the system to shine a light on people who have undeclared income missing from their tax returns, opening a new opportunity to catch people out and collect more tax from Australians who may understate their income.

WHAT IS ATO DATA MATCHING?

The ATO data matching might best be described as a two-step process.

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