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04 Sep 09 Accounting Working Group

Dr Michael Dirkis FTIA represented the Taxation Institute at the Accounting Working Group meeting on Friday 28 August 2009. A number of updates were given in respect of the On-line Strategy 2008-12, Tax Practitioner Legislative Framework implementation, and the Change Program Release 3 (Income Tax). The ATO announced the removal of one irritant being the 130K running balance account (RBA) statements with zero closing balances. Thus, from July 2009 RBA statements will not be issued where the debt balance is less than $1. A discussion was held on possible changes to Activity Statement forms, where major software upgrades were not required.

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