ATO current areas of focus
Despite the impact of the promoter penalty laws, we are seeing an increase in the sophistication and complexity of aggressive tax avoidance schemes, as well as changes in how these arrangements are being marketed.
We are seeing boutique arrangements being offered to a smaller and more select audience, often to larger entities with more complex tax affairs and to higher wealth or higher income individuals. The marketing of this type of arrangement is not as visible as the previous mass-marketed schemes, as they are promoted via one-to-one channels or word-of-mouth contacts. However, such marketing usually involves an individual within an advisory firm or a financial institution who has a history of association with previous arrangements with controversial tax features.
While we are focusing on many areas as part of our compliance program, three key issues which concern us currently are:
This is directly from the ATO Tax Professional page
We are seeing boutique arrangements being offered to a smaller and more select audience, often to larger entities with more complex tax affairs and to higher wealth or higher income individuals. The marketing of this type of arrangement is not as visible as the previous mass-marketed schemes, as they are promoted via one-to-one channels or word-of-mouth contacts. However, such marketing usually involves an individual within an advisory firm or a financial institution who has a history of association with previous arrangements with controversial tax features.
While we are focusing on many areas as part of our compliance program, three key issues which concern us currently are:
- Employment arrangement risks
- Widely offered financial products that promise excessive tax benefits
- Mortgage structuring arrangements.
This is directly from the ATO Tax Professional page
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