Reducing the risk of refund fraud

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Refund fraud occurs where tax returns, activity statements and other documents are deliberately falsified in order to claim a tax refund a taxpayer is not entitled to. Fraudulent claims can be lodged by individuals on their own account or third parties on behalf of others. Often, this can involve identity crime, where taxpayer identities are…

Temporary Budget Repair Levy

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The Government has introduced a three-year Temporary Budget Repair Levy on individuals who have a taxable income in excess of $180,000. The levy is payable at a rate of 2 per cent of each dollar of a taxpayer’s annual taxable income over $180,000. No levy is payable where the taxpayer has a taxable income of…