Download the TAXAGENT magazine
|
Download the TAXAGENT magazine - issue 55 - June 2012 as a full colour, interactive Portable Document Format (PDF) file [5.01 MB].
|
The end of the financial year is nearly here, and the headline event on the taxation calendar is almost upon us.
As always, we are committed to working with you to make tax time as seamless as possible for you and your clients.
This edition of the TAXAGENT features an article about the new framework we are introducing for the lodgment program. With help from many of you, we have developed a framework which allows us to better recognise the vast majority of registered tax agents and BAS agents (registered agents) who effectively support their clients. To learn more about this framework read our cover article, 'Lodgment program - a new direction'. Naturally, if you are having difficulties, talk to us and we will do what we can to help you.
As you know we are using specialist technology to help identify and review returns that may contain missing or incorrect information. Since 1 July 2011, 109,000 tax returns have been detected for review. This has meant that the processing of some tax returns has taken longer than anticipated and resulted in delays in receiving an expected refund.
To date, our reviews have resulted in adjustments to around four out of five reviewed, supporting the necessity of reviewing these claims. The revenue protected was in excess of $185 million with over 8,000 returns having been identified as suspected identity theft.
However, we have received feedback and complaints about delays in some of these cases; so as a result of this, we will:
- continue to provide updates to professional associations regarding our progress and listen to the concerns they raise on behalf of tax agents
- refine our risk models to reduce the number of refunds stopped and subsequently released without adjustment
- improve our practices to more efficiently review held returns in a timely manner
- communicate our processes and progress.
I encourage you to use our pre-filling report, which is available through the Tax Agent Portal. This data is designed to make the process of preparing tax returns easier, quicker and more accurate. It provides upfront access to information held on our systems, so you can address any discrepancies in the data before you lodge a client's tax return. Many of you are finding the pre-filling report to be a good compliment to your usual client questionnaire and a handy prompt for clients.
It's also important to be mindful about the security of your clients' information, as we tend to see an increase in the number of attempts to defraud the tax system by targeting registered tax agents and their clients during this busy time. You might want to think about reviewing your security measures to help safeguard your clients against identify theft. For example this could include ensuring computers are password protected, that you have up-to-date virus software and that your staff are using AUSkey and electronic lodgment system (ELS) passwords appropriately.
As we near 30 June, no doubt, we will see the usual influx of email and telephone scams designed to inappropriately obtain other people's personal tax and financial details.
It's a timely reminder to be alert to any suspicious emails, telephone calls or visits and advise your clients to be cautious.
If you are unsure if an email or telephone call you have received, claiming to be from the ATO, is legitimate, contact us on 13 72 86 or visit our Online security webpage for details of recent scams we are aware of.
In the previous edition of the TAXAGENT, I introduced the Tax practitioner action plan 2011-15 and if you haven't done so already, I encourage you to take a look at my speech. It talks about the important role that you play in the smooth running of the system, and some of the directions we are taking to support and work with you.
Finally, our Compliance program 2012-13 is due for release soon. It outlines the current tax and super risks we are concerned about, and what we are doing to address these risks.
Once again, I would like to thank you for your continued support and wish you all the best for this tax time.
Michael D'Ascenzo
Commissioner of Taxation
Last Modified: Thursday, 21 June 2012