22 Aug 12 ATO outlines compliance approach for small business and wealthy individuals
In media release No 2012/37, issued 22 August 2012, the Commissioner, Michael D'Ascenzo, outlined the ATO's compliance approach for small and medium enterprises (SMEs) and wealthy individuals in a new publication: Tax compliance for small-to-medium enterprises and wealthy individuals.
"With more than $74 billion of revenue collected last financial year coming from SMEs and wealthy individuals, over a quarter of all revenue collected by the ATO, it is important that we have a good working relationship with clear expectations of each other," Mr D'Ascenzo said.
Note that the ATO defines SMEs as businesses with turnover between $2 million and $250 million. Many of the processes outlined in the publication relate primarily to larger businesses but also have a more general application.