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Tax cheat crackdown

The Australian Crime Commission (ACC) and the ATO are working together to identify and catch tax cheats.

The $2 million contract commenced on 26 August 2013 and will be in force for two years.

The ACC will supply the ATO with static and mobile surveillance in an effort to catch individuals who are not fulfilling their tax obligations.

This new tax surveillance team will be focusing on key areas of tax crime that were identified as hotspots by the Tax Office.

These key areas can expect to be scrutinised under the new surveillance arrangement:

-international tax evasion, and in particular the people who advise cheats

-refund fraud; people who dishonestly claim refunds, rebates or offsets that they are not entitled to

-the cash economy; when people do not declare the cash they receive as income

-fraudulent activity; where a company goes into liquidation and leave its debts behind while the assets are shifted into a new entity that begins trading again

-tax avoidance scheme; an array of arrangements that involve the use of a trust to avoid tax and super laws

Posted on 16 January '14 by , under Tax.

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What to consider when consolidating your super

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds' policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

  • Exit fees
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  • Investment options
  • Ongoing service fees
  • Performance of the funds

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready:

  • Your tax file number.
  • Proof of identity. This could include your driver's license, birth certificate or passport.
  • Your fund's superannuation product identification number (SPIN).
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  • Details of your previous fund.

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