ATO Compliance Program 2012/13
The ATO has released its ‘Compliance Program 2012/13’ outlining key focus areas attracting its attention for the coming year, stating that it is important for the community to be given the opportunity to understand the ATO’s compliance activities and practices.
Focus areas identified by the ATO as significant risks to tax and superannuation compliance this year include:
- Occupations that have shown a pattern of relatively high levels of work-related claims, including IT managers, plumbers and defence force non-commissioned officers;
- High income earners involved in tax avoidance schemes, with a particular focus on widely-marketed financial products that promise substantial tax benefits, as well as investments by medical practitioners;
- Unreported cash transactions within the plastering and café industries;
- Contractor arrangements, in particular in the construction industry, and the SMSF sector; and
- eEployer obligations for superannuation in high risk industries.
Stopping false claims and identity crime are a continuing priority this year, with the ATO increasingly analysing and matching information provided by third parties.
The ATO checks over 600 million transactions a year to detect those who do not report all their income from things like dividends and interest, capital gains, and foreign income.
Last year they stopped more than 109,000 income tax returns for potentially incorrect or fraudulent claims “saving the community almost $200 million in revenue”.