Compliance program 2011-12

Investments

We will review or audit businesses where we identify:

• that the sale of shares and property has not been included in income tax returns and activity statements
• that claims have been incorrectly made for the small business capital gains tax concession
• the GST margin scheme rules may have been applied incorrectly
• outstanding tax returns and activity statements when we know a capital gains tax event has occurred.

We will also review property developers who claim activity statement refunds during the construction stage of a development, but fail to fully report sales for both income tax and GST as they complete the developments. This year we expect to undertake approximately 580 property-related GST audits and reviews, including consideration of prosecution in egregious cases.

Sections within Micro enterprises

• Employer obligations
• Contractors
• Information matching
• Government payments
• Internet trading
• Reconstruction activity
• Cash economy
• Small business benchmarks
• Investments
• Self-managed superannuation funds
• Business activity statements
• Wine equalisation tax producer rebate
• Excise equivalent goods
• Managing tax debt