Archive for May, 2006
Drury students expand free tax preparation services
Drury University students will provide free tax preparation through an IRS Volunteer Income Tax Assistance site, a Drury news release said.
Need Proof of Income Employment? Print Self Employed Pay checkstubs w-2 and 1099 tax forms
Question: How likely am I to get audited by the ATO?
I am obviously very behind in lodging my return – how likely am I to get audited by the ATO? I scrape just under the HECS repayment level after deductions.
I am not dodging anything, but I want to prepare if it is likely.
Answer: I could answer that the likelihood of you being audited by the ATO is 1 in 1 million, but then next week you could be audited. The Taxation Office runs miscellaneous checks on people working within certain professions, those in certain income ranges, and those of a certain age. All of it is random, but well calculated by the ATO.
I’ve known people who have not lodged a tax return for 5 or 6 years and then been heavily fined for failure to do so, especially if they have owed money to the ATO.
You will not be audited simply because you are late in lodging your 07/08 tax return.
What’s ahead for SMSFs?
The SMSF sector has cemented its place in the superannuation industry over the past few years. Damon Taylor looks at the issues facing SMSFs and the debate that will determine the shape of their future.