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Factors Influencing Individual Taxpayer

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Question:

Discuss about the Factors Influencing Individual Taxpayer.
 
 

Answer:

Introduction:

Tax agents like Mike Slow should realize that it is a requirement of the Australian Tax Authority for early filing of client’s tax requirements. There are various procedures and recommendations that are required to meet the lodgment schedule. They include;

All the clients attached to mike slow will have to be included in the 85% calculation on time-lodgment performance. An update of the clients list regularly will help him manage the due dates of while ensuring that his services are not included in the calculation of lodgment program performance(Devos, 2014). The Tax Agent Portal will be used in practitioner lodgment services (PLS) using the business electronic lodgment services (ELS).

Prior years are not included in the calculation part as the tax regime only considers the current year’s lodgment on time performance.  When calculating Mike slows on-time program performance on lodgment, he should consider;

  • Current year’s tax return and previous year tax overdue
  • Inclusion of current year tax return

Taking on new clients and previous clients will be affected if Mike lodge the current years return after the differed date or due date. On-time performance will be affected(Quick Tax Lodgement Services, 2004) .

A return is not necessary (RNN) if it is for only one financial year. The tax will be expected to be lodged in the future if RNN is lodged. Lodgment will not be of importance if it is notified as further return not necessary (FRNN).

 

The following are the steps that Zenith Business Pty Ltd, the company can lodge its returns to the Australian Tax Office by using the following ways; first is by using a standard business reporting (SBR) Software as required for a company. Second,  the business management can opt to file its taxes by using paper. The other way that the company may use to file income tax to the Australia Tax Office is by using a registered tax agent.

Before meeting officers from Australia Tax Office, Zenith Business Pty Ltd directors must first check when the company's tax return is due.  This might be done through a tax agent if the company lodged its income tax through a registered tax agent. For a company, 31st October is the date set aside to clear any outstanding tax returns. Therefore, if Zenith Business Pty Ltd has returns which are outstanding, it should first clear before meeting the officers. Second step;  the company directors  should ensure that they have they have all reports of the company in regards to taxable income, it is also advisable if they have documents and reports showing the company's PAYG installments,  credits, and tax offsets and the amount that is refundable to show the officers(Quick Tax Lodgement Services, 2004) .

The last step is for the directors to ensure that they have supporting documents that may be asked by tax officers through a letter of schedule.  For example, supporting documents for capital gains, documents on foreign source income, offsets, dividend income, supporting documents for taxable payments annual reporting  e.t.c.

 

References

Devos, K. (2014). Factors Influencing Individual Taxpayer Compliance Behaviour management. Dordrecht [u.a.]: Springer.

Quick Tax Lodgement Services. (2004).

OR

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