ATO hit list 2013-2014

ATO hit list 2013-2014

I would like to share an article ATO’s hit list 2013-2014 by Nassim Khadem from BRW written at the beginning on this financial year. Nassim points out that the ATO will focus on individuals who fail to declare income or make incorrect claims for deductions, tax risks associated with the use of complex business structures, incorrect reporting of taxable income by wealthy individuals and participation in tax planning schemes.

The ATO has put greater focus on data matching to claw back revenue and plans to match over 640 million transactions in 2013-14, from sources such as banks, share registries, employers, merchants, states and territories and other government departments.

It is very likely that the ATO will continue with this focus into the next financial year.

If you are worried about your current taxation situation, or believe that you may have an issue with a prior year tax return, please do contact me anytime at rose@rbgprivate.com, for a confidential discussion and I would be very happy to discuss options available to you.

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