Sunday, 21st March 2010
The ATO collects taxes for the Federal Government. These are all the taxes that apply in Australia other than a short list of taxes levied by each individual State Government.
The ATO Website has comprehensive information for the public - both for individuals and also for businesses.
In South Australia the State Taxes are Stamp Duty, Land Tax and Payroll Tax. These are administered and collected by Revenue SA. There is a lot of information for the Public at their general Website.
The procedure, forms and time limits are here. for disputing the value of real estate.
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You should seek professional advice from your accountant, lawyer and financial planner before taking any steps that may alter your tax position. This includes ( but is not limited to) acquiring assets, disposing of assets, improving assets, changing the ownership of them, starting or closing a business, protecting yourself from business risks, estate planning, starting to employ people and business transactions with your family.
The earlier you get that advice, the better. There are many examples where people have unwittingly chosen a course of action that involved a higher level of tax instead of a better option that they had not even considered.
Tax planning and structures is not something that you can learn from the internet. There are some websites that sell documents for structures (companies, trusts or superannuation funds) to the public. If you read the fine print, they usually have strong disclaimers denying all responsibility for the consequences of you using the structure and deny that their website has given you any legal advice. See your advisor first, then use the online service if that is their advice.
The Australian Tax Office supervises the payment of employer contributions of superannuation.
There are significant taxation benefits for superannuation funds and their members - provided that they comply with stringent laws. The ATO also overseas this.
Their website has information for individuals, employers and superannuation funds.
