08 Jul 10 ATO releases its Compliance program 2010-11
In media release No 2010/18, issued 8 July 2010, the Commissioner, Michael D’Ascenzo, announced the release of the ATO's Compliance program 2010-11, outlining refund fraud, the cash economy, employer obligations, wealthy Australians and tax secrecy havens as some top priorities for the ATO in the coming year.
“This year, we will data match more than 500 million transactions to ensure taxpayers are declaring their income, including from bank accounts, investments, overseas transfers and property transactions,” Mr D’Ascenzo said.
“We will crack down on businesses using cash transactions to hide income and evade tax, using benchmarks for more than 100 industries and reviewing or auditing the activities of more than 26,000 micro businesses. We will also focus heavily on employers – ensuring they lodge their business activity statements on time, meet their pay as you go withholding obligations and make correct super payments to employees," Mr D’Ascenzo said.
“Our focus on highly wealthy individuals will continue, with more than 360 risk reviews of people who control $30 million or more in net wealth. We will maintain a strong focus on working with international revenue authorities and domestic law enforcement to stop the abusive use of tax secrecy havens,” Mr D’Ascenzo said.