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

Comments

Post a New Comment

comments-rhsLatest Comments

  • "Great insights on tax-saving strategies! Planning ahead before June 30 is crucial for maximizing returns. Thanks for the valuable tips!"

    By: SavePlus UAE at Feb 13, 2025 3:05PM

    Post: Tax-saving strategies to get in place before June 30

  • "Hi, I’m wanting some advice on setting up my new Personal Training business and the need to purchase a car that’s reliable and able to carry all my equipment. Can I claim the cost I pay for the car..."

    By: Kate Miller at Nov 22, 2023 10:30AM

    Post: Claiming car expenses

  • "Hello Mr Taxman. I am an American and live in America. I have a Forex trading account with Trade Nation in Australia. I have done well and made some profits. The total account is 42k with around 27k..."

    By: Bill at Oct 09, 2023 8:54PM

    Post: Foreign currency trading

  • "Hi, I work from home however I'm occasionally asked to go to my employer's home and work from her house. Can I claim this travel? "

    By: Erin at Aug 01, 2023 9:51AM

    Post: Claiming car expenses

  • "Hi, What is the protocol for claiming tax on my personal trailer which is used by my work for all general maintenance work on a full time basis. Thanks Lee."

    By: Les Wilkinson at Jul 09, 2023 5:35AM

    Post: Claiming car expenses