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The ATO advises that a large number of businesses in the small-to-medium enterprise (SME) market segment are reporting revenue losses following the global economic downturn. Due to this, the ATO is stepping up its engagement and compliance focussed losses programs and campaigns.

In particular, it will be:

  • writing to selected SME companies (via their tax agent) with carried forward losses in their 2009 income tax return. The letters will provide educational guidance about common issues associated with revenue losses.
  • writing to selected SMEs (via their tax agent) in early April 2011 that generated, deducted or carried forward significant tax losses in the 2008 or 2009 income year. This letter will notify them that the ATO may seek further verification of those loss amounts through a questionnaire, or where necessary, a more formal review or audit process. The ATO will notify those SMEs selected for verification purposes via their tax agents in late April early May 2011.


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