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ATO announces its "hit list" for 2013/14

Jul 16, 2013

Today the ATO has released their annual "hit list" Compliance in focus 2013-14 which replaces their previous annual compliance program booklet. This new online product, which they 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 the ATO's attention and the actions that they 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 that the ATO undertakes but it concentrates on their key focus areas for 2013-14 and provides a snapshot of their achievements for 2012-13.

This year the ATO 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 the ATO's 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 the ATO increasingly analyses and matches information provided by third parties.

The ATO have worked with the professional associations, through their peak tax practitioner consultative groups, to test the compliance risks that they have identified and sought views on risk areas that they should consider.

Tags: CGTCompany taxDeductionsEmployersFBTGSTPersonal taxSharesSmall BusinessSuper

Author: Bruce Quigley, Second Commissioner, Compliance ATO

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