Compliance program 2011-12

Financial supplies

We will work with taxpayers, industry groups and advisers to provide clarity and certainty, through rulings and information products, on:

• the correct characterisation of certain transactions - that is, whether they are input-taxed financial supplies
• determining the taxpayer's entitlement to input-taxed credits where the taxpayer makes both input-taxed and taxable and/or GST-free supplies.

We will develop an apportionment decision-making framework to assist both us and taxpayers apply a common approach to determining if an apportionment methodology is fair and reasonable.

We plan to undertake 30 audits and reviews in relation to the apportionment methodologies used by taxpayers.

Our GST guide - claiming input tax credits on acquisitions made in connection with a merger and acquisition activity provides advice on how to treat specific transactions through the various phases of the acquisition and merger process.

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