Tax Return Targets for ATO
The ATO have publicized the targets for their tax return compliance program in 2013, with Plumbers; IT managers and Defense Force Officers.
But with increasingly sophisticated data matching capabilities being rolled out, it would seem that this year everybody is under the spotlight.
Apart from sophisticated data analytic programs to compare tax return data with aggregates, the ATO have more and more access to bank accounts, share registries and property registers. The fact of the matter is, if you file your tax return incorrect you’ll be more likely to be taken aside this year than in any previous year in history.
If you’re using a tax agent to file your tax return, then you will have a degree of protection under the safe harbor provisions. But you can only rely on this if you’ve been honest in your dealings with your accountant. At the end of the day, the tax return you file is your responsibility so it’s best to get professional advice.