Closely held trusts must report correct Tax File Number and beneficiary details
The ATO has said it will soon issue its 1st round of letters to trustees of closely held trusts who have lodged their 2010 trust tax returns where the beneficiary’s TFN or other details could not be matched to the ATO’s records, or where the trustee did not include a beneficiary’s TFN in the 2010 ...more
ATO Compliance Focus for 2010-11: Large businesses (turnover above $250m)
The ATO considers that the value, volume and complexity of transactions undertaken by large businesses “pose inherent risks for tax compliance”. Even if the likelihood of potential non-compliance is low, the ATO says the potential consequences “can be significant”. In applying its risk analysis to all large businesses, the ATO says it looks at: financial ...more
ATO Compliance Focus for 2010-11: Small to medium enterprises (turnover $2m-$250m)
ATO focus areas in the SME sector for 2010-11 include: a continuing focus on private groups and the tax compliance of the individuals controlling those groups and the entities within them. The ATO says it intends to increasingly use external data to automatically detect and link private groups and the individuals controlling them; a focus ...more
ATO Compliance Focus for 2010-11: Micro businesses (turnover under $2m)
The cash economy continues to be a major ATO focus here and it plans to review and audit more than 26,000 micro businesses. Concerns include the use of cash transactions to hide income and evade tax obligations. This includes businesses: paying cash-in-hand wages or treating employees as contractors; skimming some or all of the cash ...more
ATO Compliance Focus for 2010-11: Tax agents
There are about 26,000 registered tax agents who lodge around 73% of income tax returns for individuals and more than 95% of business tax returns. The ATO says that this year, it will place particular emphasis on delivering relevant information electronically and providing timely advice to agents on emerging issues of concern. During 2009-10, some ...more
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