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Commissioner launches Tax Office Compliance Program

Monday 18 August, 2008 The Commissioner has launched the ATO compliance program for 2008 - 2009 which sets out some key compliance priorities for this financial year. The Commissioner said the program will help taxpayers understand and meet their tax and superannuation obligations at the lowest possible cost. Some of the key priorities include:

• individual issues

o    capital gain from the sale of property, shares and other assets
o    review of the compliance activities of senior executives and directors
o    work-related expense claims
o    returns that reflect a pattern of poor knowledge and practice by tax agent

• Detecting and discouraging the abusive use of tax heavens and tax schemes.
• Compliance risks associated with partnership and trust distribution.
• Large business issues include promoting good corporate governance and global corporate restructures that shift assets offshore.
• Micro enterprises issues include increase audit coverage, cash economy activities, reporting of offshore income, risk profiling to detect debt problems earlier.