Articles Blog
Business – ATO Tax Targets Year 2013-14 - to Ensure All Citizens Pay a Fair Tax
- Details
-
Published on Monday, 21 April 2014 12:49
The Australian Tax Office (ATO) is there to help make Australia the country it is, by ensuring all citizens pay a fair tax to build the country for all to enjoy and benefit. To do this, it is necessary for the ATO to spend time and money trying to catch those that try to cheat themselves and the country, by focusing on certain areas and industries.
This year 13-14 the ATO has listed where it has its eye:
The tax and superannuation systems are valuable community assets that support the Australian way of life. Australians show their support for these systems by voluntarily meeting their tax obligations - lodging correct returns and other tax and super forms on time and paying correct amounts of tax.
However, a small percentage of people deliberately and dishonestly break the law to avoid paying their fair share or to try to claim refunds or other payments they are not entitled to. These people cheat the whole community. In fairness to the majority of people who meet their obligations, and to ensure that community confidence in the tax system is maintained, we are strongly committed to deterring, detecting and dealing with tax crime.
Our key focus areas (click links for more info at ATO site)
International tax evasion - Project Wickenby
Project Wickenby is a cross-agency taskforce established in 2006 to detect and deal with the relatively few Australian taxpayers hiding considerable sums of money overseas to avoid paying tax. This behaviour seriously threatens the integrity of Australia's financial and taxation systems.
Refund fraud
Taxpayers that deliberately provide us with false information in order to claim a refund they are not entitled to are committing refund fraud.
Cash economy
The cash economy occurs when businesses deliberately use cash transactions to hide income to avoid paying tax. It is also referred to as the 'black', 'hidden' or 'underground' economy.
Fraudulent 'phoenix' activities
Fraudulent 'phoenix' activity occurs when a company goes into liquidation, leaving its debts behind, while the assets are shifted into a new entity that begins trading again, often under a similar name.
Tax avoidance schemes
Tax avoidance schemes are arrangements that promise tax benefits that are outside the letter or the intent of the law. We are taking action on the promoters of these arrangements and taxpayers who deliberately use these arrangements to avoid paying tax.
Organised crime
The ATO is part of the Commonwealth Organised Crime Strategic Framework with shared responsibility for addressing the impact on Australia of serious and organised crime.
(ATO site Last modified: 11 Dec 2013QC 33621 http://www.ato.gov.au/General/Tax-evasion-and-crime/Our-key-focus-areas/ )
Need help? Not sure?
Call for FREE 30min advice / strategy session today! Aus +61 407 361 596
and also get FREE “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!
