In addition to the key areas of focus addressed in the Compliance Program for 2012-13, the ATO has also released details of its extended compliance focus areas as at 11 July 2012, including:
- higher-risk advisory firms and financial institutions;
- business structure schemes;
- trust schemes;
- private company deemed dividend avoidance schemes;
- international cross-border schemes;
- aggressive employee remuneration schemes;
- widely offered retail and wholesale financial product schemes;
- CGT avoidance schemes;
- deduction creation schemes;
- mortgage restructuring arrangements;
- loss generation and utilisation schemes;
- materially different implementation of arrangements covered by ATO product rulings;
- aggressive industry incentive schemes;
- superannuation schemes;
- indirect taxes avoidance schemes.
The ATO said the list is updated every 3 months to reflect the most recent intelligence received by the ATO based on community referrals, compliance activities, and analysis of data.
To compliment the release of the Compliance Program for 2012-13, the ATO has also released the following tax time audio grabs:
- Why is the Compliance Program important to Australian taxpayers?
- How does the ATO decide which industries to focus on for compliance activity?
- What are the key areas of focus?
- What is the ATO’s approach to compliance?
- How many and what value of tax claims were rejected last year?
- What are the consequences for people who try to make claims without valid proof?
- What examples do you have of receipt substitutes (ie Facebook photos) that have been rejected?
- What occupations will the Tax Office be particularly keeping in its sights this year and why?
[LTN 139, 20/7]