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