The Australian Tax Office issued a statement to first time investors this week, warning them to be especially vigilant when filling in their tax returns.
'Many people now own shares as a result of recent public floats by companies such as NRMA Insurance, Telstra and AMP,' the Taxation Commissioner Michael Carmody explained. As well as including details of any dividend income received throughout the year, new investors should also indicate whether they made any capital gains or losses on share transactions during the 2000/01 financial year, said Mr Carmody. He added that the Tax Office had prepared a number of booklets to help new investors to prepare their tax returns which were available from the ATO Assist website.
However, although the Australian Taxation Office is very efficient at doling out handy hints and tips about how to organise your tax affairs, it doesn't seem to be as good at taking its own advice, as the numerous Australian businesses still awaiting GST refunds because the ATO lost their addresses will probably testify!
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