Online selling: ATO data-matches with eBay and Trading Post
Under a new data-matching program (details of which were gazetted on 28 July 2010 in Commonwealth Gazette No GN29), the ATO says it has obtained data from eBay Australia and Trading Post Australia to assess the level of taxation compliance of individuals and businesses that sell goods or services online. The data identifies members of ...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
Commissioner on global cooperation in tax administration
According to the Tax Commissioner, the global financial crisis saw an unprecedented level of global, cooperative action to address common tax risks. The May 2009 Bureau meeting of the Organisation for Economic Cooperation and Development (OECD) Forum on Tax Administration (FTA) confirmed that improving taxpayer services and tax compliance both nationally and internationally continued to ...more
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Tax & Accounting Insight delivers best practices’ insights from leading tax & accounting experts and publications in Australia as well as Tax & Accounting resources and news to help professionals keep up-to-date on major industry issues.
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