Updated Compliance Program 2004-05 - This information was updated on 13 October 2005

Reporting correct information

By accurately reporting information in activity statements and income tax returns, businesses can ensure they pay the right amount of tax. Good records help people manage their business, including their expenses and cash flows. We are continuing our focus on ensuring that micro-businesses meet their record keeping obligations.

When reviewing activity statements and income tax returns to check that the right amount of tax has been paid, we mainly focus on ensuring that:

• the correct amount of GST payable has been calculated and reported
• income and expenses have been reported correctly, and
• PAYG withholding amounts have been withheld where required, and reported.

This year we expect to review around 800 businesses for compliance with income tax and PAYG withholding. Of these, around 580 will be audited.

Sections within B. Micro-businesses

• Registering in the system
• Reporting correct information
• Record keeping practices
• Cash economy
• Incorrect and fraudulent claims
• Employer obligations
• Capital gains tax
• Non-commercial losses
• Self managed superannuation funds
• Excise obligations
• International tax issues
• Meeting lodgment obligations
• Meeting payment obligations
• How we help you comply