07 Apr 10 Review of ATO audits of high wealth individuals and small and medium enterprises announced
In a press release dated 7 April 2010, the Inspector-General of Taxation (IGOT), Ali Noroozi, announced terms of reference for his review into the ATO's audits of high wealth individuals (HWIs) and small and medium enterprises (SMEs) with annual turnovers of between $100 million and $250 million.
“SMEs, HWIs and their representatives have raised concerns in relation to fairness and equity with the ATO’s audits and risk reviews. These taxpayers have asserted that they incur significant unnecessary costs stemming from the wide scope of ATO information gathering requests and delays. They have also alleged that ATO audit staff lack sufficient commercial awareness and tax technical skills as well as engage in inappropriate conduct,” said Mr Noroozi.
Submissions to the IGOT are due by 31 May 2010.