26 Apr 1212 Review into the ATO's compliance approaches to small and medium enterprises and high wealth individuals released
In media release No 2012/018, issued 24 April 2012, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, announced the release of the Inspector-General of Taxation's Review into the ATO's compliance approaches to small and medium enterprises with annual turnovers between $100 million and $250 million and high wealth individuals.
The Inspector-General conducted this review in response to concerns raised by taxpayers, tax practitioners and their representative bodies following the ATO's increased compliance focus on small and medium enterprises and high wealth individuals.
The Inspector-General in the Report has identified key opportunities for the ATO to improve in a number of areas including its technical capability and support, initial compliance decision making, project management, audit conduct, communication and engagement and information gathering.
The Assistant Treasurer said that the Inspector-General has made 41 recommendations, some of which reinforce work that the ATO has already begun, whilst others are more distinct but complementary to that work. The ATO has agreed in full with 38 of the recommendations, two in part and disagreed with one.