News and Media

Budget 2015: $265 million to the ATO to crack down on GST fraud

19th May 2015

The federal government will give the Australian Tax Office an additional $265.5 million over three years to continue its work to stamp out fraud related to the goods and services tax. In the budget papers, the government said the money will be spent to help the ATO identify fraudulent GST refunds, under reporting of GST liabilities, failure to lodge GST returns and outstanding GST debts. 

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One in three rich people and private companies targeted by ATO

16th April 2015

One in three wealthy people who may be dodging tax will get a call or personal visit by the Australian Taxation Office as it moves to ensure the richest Australians and private companies pay their fair share of tax.

The ATO wants to beat its 2013-14 rate of raising $1.1 billion in liabilities from high-wealth individuals (HWIs), and says it will be going after baby boomers who try to avoid paying capital gains tax when they pass their wealth on to their children. 

The man at the ATO who says his job is to ensure wealthy Australians pay tax, ATO deputy commissioner Michael Cranston, said the Tax Office had noticed lots of examples of people passing down assets to their children that they then recorded at an artificially inflated price. Then years later, they would sell it and avoid paying CGT by having inflated the value.

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Congratulations Ankit and Jesmine

25th March 2015

Congratulations to two AI team members for recently reaching their five year milestones with Accountancy Insurance.

Ankit Parmar, the Operations Manager for VIC/SA, and Sydney based Account Manager Jesmine Yip are the latest team members to reach this significant milestone. Congratulations!


ATO tries new tack in its compliance message

13th March 2015

For the tax and superannuation systems to work, the Australian Tax Office says it needs the community's confidence that they are fair for everyone. So the ATO says it tries to make it easy for the people who do the right thing, and focus its compliance activities on the small minority who do not. The Tax Office considers the tax and superannuation systems should be designed and operated for the majority of people who do the right thing.

For the majority of taxpayers who meet their obligations, the ATO says it aims to intervene as little as possible. "We want to provide high-quality, timely and contemporary services, reduce the cost of compliance and make it easy for people to deal with us."

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Chartered Accountants  CPA Australia 

Tax Institure