ATO’s compliance focus for the SME market in 2012/2013

In its Compliance Program 2012/2013, the ATO outlines the following compliance risks that it is focusing on in the SME market:

• Participation of wealthy individuals in the tax and superannuation system
• Use of trusts to inappropriately minimising tax
• Division 7A – treatment of private company profits
• Capital gains – non disclosure and incorrect reporting
• Employer compliance with FBT rules
• Integrity of business systems for GST and excise obligations
• GST and property transactions
• Abuse of the tax and superannuation systems, especially:

–          Secrecy jurisdictions

–          Refund fraud

–          Serious evasion of GST

–          Organised crime

–          Superannuation

–          Fraudulent phoenix activity

–          Tax avoidance arrangements

As well as the key compliance issues mentioned above, in 2012 /2013 the ATO  will continue to monitor:

• Overseas and international dealings
• Employer obligations
• Lodgement compliance
• Managing tax and superannuation debt
• GST refund integrity and GST evasion
• GST on financial supplies, retirement villages, and international transactions
• Luxury car tax
• Wine equalisation tax and attempts to double dip on the rebate
• Fuel tax credits and the clean energy measures