Bulletin received from the ATO:
16 July 2013
Compliance in focus 2013-14 now available
Today we have released Compliance in focus 2013-14 which replaces our previous annual compliance program booklet. This new online product, which we developed in consultation with tax professionals, will be updated throughout the year to keep you informed of new issues and risks as they arise.
Compliance in focus 2013-14 highlights the compliance risks attracting our attention and the actions we are taking to deter, detect and deal with those who do not meet their tax and superannuation responsibilities. It is not an exhaustive list of all the compliance activities we undertake but it concentrates on our key focus areas for 2013-14 and provides a snapshot of our achievements for 2012-13.
This year we will be looking closely at:
- profit shifting
- tax crime, and
- misuse of trusts.
Other focus areas identified as risks to tax and super compliance this year include:
- incorrect work-related expenses claims
- correct reporting of taxable income by wealthy individuals
- correct reporting of PAYG withholding
- contractor arrangements
- participation in tax planning schemes
- phoenix activity in small and medium businesses
- payment of super guarantee by employers.
A key tool in uncovering tax avoidance is our data and information matching program which is expanding this year to include higher quality data on sales of shares, property and units in managed investment trusts, and a greater range of international bank transactions.
Stopping false claims and identity crime are also continuing priorities this year as we increasingly analyse and match information provided by third parties.
Tax practitioners play a vital role in supporting the integrity of our tax and super systems and in influencing proper participation. We are dedicated to continuing to work with you and support you in that role. We have worked with the professional associations, through our peak tax practitioner consultative groups, to test the compliance risks that we have identified and sought their views on risk areas we should consider.
Second Commissioner, Compliance