16 Jun 066 What's new on the Taxation Institute's website?MEMBER 1 writes:
"From the Portal you can get a “Client account running balance report”. I recently looked at this in detail again and noticed a large number of credit balances for no apparent reason. We have spent time trolling through the list and got some refunded and others transferred to the Income Tax Account which will be refunded at assessment. The amazing part is this amounted to over $40,000, and over 180 credits.
I would be interested if other accountants have gone through this process. If this is a National trend how can the ATO (and the Auditor General’s Office) allow so much of taxpayer’s money remain accounted for? (Is it accounted for in the ATO Annual Report?). Also, this Portal report does not list all accounts, a couple of clients had old PPS credits / sales tax credits.
I suppose we could issue Demand Notices and engage Dun & Bradstreet to get the credits."