• Recent developments

    Read about the latest initiatives we have developed to assist businesses and taxpayers.

    See also:

    Super, BAS and tax changes

    There are changes to super and BAS reporting and tax concessions that you should know about:

    • Super – do you have an SMSF or are you planning to retire? From 1 July 2017 there are changes to superannuation – check them out at ato.gov.au/superchanges
    • Less reporting? – from 1 July 2017 small businesses with a turnover of less than $10 million GST will have less GST information to report on their BAS – see how your business reporting is made simpler and easier by going to ato.gov.au/simplerBAS
    • Tax concessions for business – from 1 July 2016, if your turnover is less than $10 million you have access to a range of small business tax concessions – such as the 27.5% company tax rate. Find out what you can now claim at what's new for small business.

    New LinkedIn Showcase Page for private companies

    As part of our commitment to providing taxpayers with relevant and up-to-date information we have launched Focus on Private Companies, our new LinkedIn Showcase Page.

    Focus on Private Companies features industry and business specific information for private companies. It is a go-to destination for all the latest news and initiatives for complex tax topics.

    We welcome you to follow us and encourage you to engage with us by commenting and liking our posts.

    Find out about:

    Trusts taskforce

    Trusts are legitimately used for asset protection, succession planning and tax planning. However, our compliance activities tell us that trusts are sometimes also used for tax avoidance or evasion arrangements.

    Starting in 2013-14, our Trusts Taskforce was created to deal with taxpayers who use trusts as vehicles for tax evasion and avoidance with a specific focus on the most egregious trust behaviours. Significant outcomes for the Trusts Taskforce are:

    • 56 audits
    • 848 case reviews
    • $948.03m in total tax liabilities identified
    • 279.98m total cash raised
    • 3 taxpayer alerts issued
    • 2 convictions for serious tax fraud and a further 5 matters referred to law enforcement.

    From 1 July 2017 the Trusts Taskforce work will continue under the operational umbrella of the Tax Avoidance Taskforce.

    See also:

    Serious Financial Crime Taskforce

    The Serious Financial Crime Taskforce (Taskforce) is a multi-agency taskforce targeting serious financial crime in Australia including:

    • serious fraud
    • money laundering
    • defrauding the Commonwealth.

    Current priorities include crimes related to:

    • international tax evasion
    • fraudulent phoenix activity
    • trusts and superannuation.

    Help ensure the integrity of the Australian economy and financial markets by reporting suspicion of a financial crime or unusual activity.

    Report tax evasion and crime to us by completing an online tax evasion reporting form, or by phoning 1800 060 062.

    See also:

    Be Super Scheme Smart

    Super Scheme Smart is an initiative to alert individuals and their advisers about aggressive tax planning arrangements that channel money inappropriately through an SMSF to obtain concessional tax treatment.

    Promoters target:

    • individuals approaching and actively planning for retirement
    • trustees of SMSF’s
    • self-funded retirees
    • financial planners/advisers that specialise in providing self-managed superannuation advice.

    We don’t want you to fall victim to these schemes. We want to help you protect your retirement nest egg by providing guidance on what to look out for and where to go for help.

    See also:

    Last modified: 26 Jun 2017QC 49158