Stay Tax Tuned
Two men were jailed in Melbourne this week for tax fraud of AU$4.7 million.
Business partners Chi Vien Duong and Nhon Anh Khuu were sentenced to five and a half years and four and a half years respectively for over claiming GST input tax credits of more than $1.1million through fake subcontracting companies.
They also used a round robin money laundering scheme to avoid paying withholding tax and Medicare levy surcharges and hide cash income of more than $2million.
Posted in Australia & NZ.
The new tax year in Australia has started and so new personal income tax thresholds for the 09/10 tax year will now apply.
Australian residents:
For Australian non-residents:
If you’ve been working in Australia, the end of tax year also means that you can claim your Australian tax rebate so click here to apply for your tax refund now.
Posted in News.
The tax year in Australia ends on June 30th and thousands of people have already sent in applications for Australian tax refunds to beat the tax season rush.
Already more than 14,500 people have registered with tax specialist taxback.com for the 08/09 tax year.
If you’ve worked in Australia anytime in the last few years you can apply for a refund now - whether you’re still in Australia or if you were a temporary worker and have already left.
Apply online for your Australian tax refund now or use taxback.com’s FREE Australian tax calculator to see how much you could get back.
Posted in Australia & NZ.
Taxes in 2009 seem to be going up on everything from earnings to fuel and many people are taking the opportunity to get their UK tax refund from 2008 to get a bit of extra money.
The UK tax year finished on April 5th and already millions of taxpayers have claimed back a UK tax refund. The majority get on average about £900.
Use taxback.com’s free tax refund calculator to get an estimation of how much tax you could get back.
Posted in UK Tax.
As the end of the Australian tax year draws near, you may want to look at the 2009 tax rates (also known as tax brackets, or tax tables) to make sure you paid the right amount of tax.
Residents for tax purposes:
Here is how it works: If you earned 47K in the 2009 tax year, the amount of tax you owe (not including eligible deductions) is A$ 3,600 + (30% of 13,000) = A$ 7,500. If you paid more than that, you may be due a tax refund.
Non-Residents for tax purposes:
You may have noticed that non-residents for tax purposes a) are taxed at much higher rates and b) are given no tax-free allowance. Most working holiday makers (backpackers) are taxed at the non-resident rate of 29%, however a backpacker may qualify for a resident for tax purposes and be eligible for the more favorable resident rates, and receive a substantial tax refund.
If you worked in Australia on a working holiday visa, student visa, or any other temporary resident visa, it’s a good idea to lodge your Australia tax return with Taxback.com to ensure tax compliance and maximum tax refund. If you are leaving Australia permanently, you can also reclaim your superannuation.
Posted in Australia & NZ.
Half a million people that are eligible for the $900 Australian Government stimulus payment still haven’t lodged their 07/08 tax return.
The ATO is reminding people they need to file their Oz tax return by June 30th or they will miss out on the tax bonus.
The $900 tax payments are part of the Australian Government’s stimulus package and are paid automatically based on your 2007/2008 tax return.
Nearly 8 million payments have already been made.
Posted in News.
A man was arrested for stealing inmate identities and filing tax returns on their behalf. He used the Department of Corrections website to source inmates’ social security number.
The suspect has reportedly claimed as much as $432,000 in tax refunds.
Posted in News.
The UK government will be sharing the cost with car manufacturers to offer cash incentives for anyone willing to buy a new vehicle, while the old car is still roadworthy. The deal only applies to cars below 3.5 metric tons.
The funds allocated for the car maker stimulus amount to 300 million pounds, which is expected to last until 28 February 2010, when the program will officially end.
“There is a lot of consumer interest in this scheme and, if this confusion over (tax) leads to a lack of sales, the industry will have shot itself in the foot,” said Edmund King, president of the Automobile Association.
Posted in Canada Tax, News.
A 3 cent tax on sugary sodas as well as energy and sports drinks and sweetened tea drinks was proposoed to help finance the universal healthcare suggested by USA president Obama. The proposed tax would generate about $24 billion over the next four year, a mere drop compared to the $1.2 trillion needed to fund the proposed plan. Nevertheless Michael Jacobso, founder of the Center for Science in the Public Interest (CSPI), says it is long overdue. According to him, sodas are “one of the most harmful products in the food supply” and contribute to obesity, diabetes and other modern scourges.
Needless to say, the beverage industry isn’t very fond of the idea. According to Susan Neely, president and CEO of the American Beverage Association “tax won’t teach children these skills or have a lasting, meaningful impact on reducing childhood obesity” and will only unfairly target lower-income families.
Similar suggestions are made in other states of the US as well as overseas. New York recently backed off a proposal to levy an 18 percent tax on sugary drinks, despite the potential to reduce consumption by more than ten percent and raise $1.2 billion a year in New York state alone. In March, Utah Lawmakers suggested a Tax on Caffeine . In UK, a tax on chocolate was proposed. Like the tax on sodas, the proposal was made to fight obesity. The Australian government on the other hand continue to push their idea to raise taxes on alcopop and other alcohol products.
Posted in News.
The ATO has already paid out 6.5 million tax bonuses and by May 16 more than 7.8 million stimulus payments will have been distributed.
Australian Tax Commissioner Michael D’Ascenzo said there was still an estimated 800,000 people who are eligible for the Australian $900 Stimulus Payment but who haven’t yet filed their 2007-08 tax return.
To qualify for your tax bonus you need to get your 07/08 Australian tax return in by the end of June. Register here to file yours with taxback.com.
Posted in Australia & NZ, News.
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