15th January 2014
The ATO has medium-sized businesses and wealthy individuals in its sights for 2013-14. Unsurprisingly, in a revenue constrained economy with a persistent government fiscal deficit, the ATO plans to conduct more tax compliance reviews and audits this year.
The ATO has flagged plans to undertake more than 1000 income tax reviews and audits of medium-sized businesses in 2013-14, compared to 931 in 2012-13. It has also undertaken to contact another 2500 medium-sized businesses to verify information.
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