The Top 10 items on the ATO's new compliance 'to-do' list

John Kelly
Editor-in-Chief
Smart Tax Handbook


The ATO has now also released details of further compliance-related activities for 2013-14, and the following all feature on its 'to-do' list:

1. 125 risk reviews and 26 audits of large and medium businesses suspected of engaging in profit-shifting activities.
2. 5,000 data-matching cases and 700 risk reviews and audits of trusts, to be conducted over 4 years.
   
3. 680 reviews and 118 audits of taxpayers who use tax havens.
4. 2,500 contacts with and 1,000 reviews and audits of medium-sized taxpayers, focusing on capital gains tax, consolidation, trusts, private company schemes and fraudulent phoenix activity, i.e. when a company goes into liquidation, leaving its debts behind and starting trading again under a new name.
5. 750 contacts with and 500 reviews and audits of high wealth individuals, i.e. those controlling a net worth of more than $30 million.
6. 3,000 contacts with and 1,000 reviews and audits of wealthy individuals, i.e. those controlling a net worth of between $5 million and $30 million.
7. 2,050 reviews checking GST systems and GST payable, focusing on specific industries including mining, financial and insurance services.
8. 150 reviews of property developers, focusing on developers engaged in phoenix activity.
9. 35 advance pricing arrangements and mutual agreement procedures, which focus on the transfer-pricing provisions.
10. 1,500 contacts, 19,000 letters, 3,000 phone calls and 2,800 audits related to fringe benefits tax, general audits and reviews, tailored advice, and follow ups on late tax lodgers and employer obligations.

Will you be on the ATO's list this year?

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