Our Compliance program 2011-12 was released on 30 June 2011.
In his foreword, the Commissioner outlines how the program is part of our holistic approach to encouraging, supporting, protecting and championing the interest of honest taxpayers and advisers, and of continually improving our processes and capabilities for doing that.
The program highlights the compliance issues that are attracting our attention, that we are doing to address them and explains the risks to those unwilling to participate.
As outlined in the large business chapter, our specific areas of focus in 2011-12 are:
- corporate restructures, mergers and acquisitions
- foreign residents
- inappropriate outcomes involving consolidation
- profit shifting
- private equity - exiting Australia
- GST and international and cross border transactions
- stapled group financing
- Taxation of Financial Arrangements (TOFA)
- financial supplies and GST
- foreign partnerships
- black hole expenditure
- exploration expenditure
- property transactions and GST
- superannuation funds
- alternative fuels.
We have also extended our focus on several risks we identified in last year's compliance program:
- non-resident withholding tax
- tax and capital losses
- research and development claims.
We will continue our focus on early engagement with large business and providing practical certainty through a range of specialised products and services. We will also continue to work with large business to resolve issues and reduce irritants across all taxes.
We will use information including past compliance behaviour and governance arrangements to help form our view of taxpayers under our Risk Differentiation Framework (RDF) and determine our compliance approach.
The compliance program and our implementation of the RDF demonstrate our commitment to transparency in our approach and processes with the large market.
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Last Modified: Friday, 16 September 2011