ATO

The ATO has advised taxpayers that it will be focusing this year on unusually high work-related expenses claims across all industries and occupations. Technology enhancement and use of data is improving the ATO’s ability to identify and investigate such claims, it has said. The ATO will also focus on claims that are already reimbursed by…

Two taskforces targeting phoenix businesses and the misuse of trust structures led by the ATO have been newly prescribed, enabling the ATO to share tax-related intelligence and data with other agencies. The Trust Taskforce comprises the ATO, Australian Federal Police, Australian Crime Commission, Commonwealth Director of Public Prosecutions, Australian Securities and Investments Commission, Australian Government…

The ATO has launched its new approach to compliance called Building confidence. The webpage takes the place of the former compliance program or compliance in focus. The ATO says that for the tax and superannuation systems to work, it needs the community’s confidence that they are fair for everyone. On the relevant webpages, taxpayers can…

The government has released the Board of Taxation’s report on tax impediments facing small business. The report focused on short and medium-term priorities for small business tax reform with a particular focus on simplifying processes and cutting excessive red tape. The government noted that the ATO has already begun the implementation of most of the…

In a recent speech, George Hitti, Assistant Deputy Commissioner, ATO, discussed the ATO’s approach to large corporates and the issue of tax avoidance and evasion. He said the ATO has noticed that the “appetite for taking on tax risk – i.e. the risk of the ATO taking a different view to them, is currently decreasing…

The ATO has reassured taxpayers that disclosing under Project DO IT will not mark them with a “red flag”. Project DO IT offers benefits to taxpayers who bring their undeclared offshore income and assets back into Australia’s tax system by Friday 19 December. The ATO said feedback had raised taxpayer concerns that if they disclose…

Under Div 7A of the ITAA 1936, certain amounts paid, lent or forgiven by a private company to shareholders or their associates may be treated as being a deemed dividend for tax purposes, subject to some exclusions. However, the Commissioner has a discretion to disregard this outcome if the deemed dividend arises as a result…

The Commissioner, Chris Jordan, has provided an update on the ATO’s offshore voluntary disclosure initiative, Project DO IT at the CPA Congress in Melbourne. Mr Jordan noted that more than 1200 people have come forward so far and 700 people have made disclosures of more than $120 million of income and over $700 million in…

The ATO has released a Decision Impact Statement on the decision of the Full Court of the Family Court in FCT & Darling and Anor [2014] FamCAFC 59. In that case, Full Court of the Family Court ruled that the Court at first instance in FCT & Darling and Anor [2013] FamCA 118 wrongly applied…

The ATO’s voluntary disclosure initiative for undeclared offshore assets and income, Project DO IT, is a one-off opportunity for Australian residents to disclose undeclared income derived overseas without being subject to highly punitive penalties. Those participating in Project DO IT will only pay outstanding income tax on undeclared income and related interest over the past…