Compliance program 2011-12

Superannuation

Our administration of the superannuation system relies on timely and accurate reporting by superannuation funds of contributions they have received and other information.

We plan to undertake around 110 audits of small-to-medium enterprise funds regulated by the Australian Prudential Regulation Authority. Our audits will ensure the accuracy of fund reporting, including in respect of lost members and their treatment of amounts paid to departing temporary residents.

We will also check they have met their obligations to pay unclaimed money to us, and to release excess contributions where a release authority has been issued.

We will select these funds where their reporting indicates any potential inadequacies or discrepancies. We will apply non-tax shortfall penalties to incorrect fund reporting in appropriate cases.

We closely monitor the compliance of self-managed superannuation funds because of their higher value and higher risk.

We will ensure that trustees of these funds fulfil their obligations thereby ensuring that the considerable concessions provided for their retirement savings are appropriate. We will provide support and guidance to trustees of these funds and their advisers. We will also take firm action where we identify non-compliance, such as lodgment delays, unrectified auditor contravention reports and loan investments.

Sections within Small-to-medium enterprises

• Private groups
• Highly wealthy individuals
• Wealthy Australians
• $100 million - $250 million segment
• Employer obligations
• Lodgment compliance
• Trusts
• Phoenix arrangements
• Overseas interests and international dealings
• Division 7A
• Capital gains tax
• Foreign residents
• Capital and revenue losses
• Restructuring by professional firms
• Fringe benefits tax
• Taxation of financial arrangements (TOFA)
• Small business and general business tax break
• Goods and services tax (GST)
• Refund integrity
• Property
• Retirement villages
• Integrity of business systems
• Financial supplies
• International and cross-border transactions
• GST serious evasion
• Excise
• Excise equivalent goods
• Tax reporting of exports including excisable goods
• Wine equalisation tax
• Alternative fuels
• Superannuation
• Managing business tax debt