22.10.2009   The Global Financial Crisis Shifts the ATO's Attention
As detrimental effects from the global financial crisis filter through the economy, many Australian businesses are increasingly encountering difficult and trying business and operating conditions.
Accordingly the Australian Tax Office has noted the increased risk of non-compliance within the Australian tax system in line with and because of the reduced business conditions. It is focussing on a number of key areas of concern:

• The cash economy – Cash payments and unrecorded business transactions are a major focus this year.

• Employer obligations – ATO alert to any employers not fulfilling their obligations, specifically regarding employees in the areas of PAYG withholding and superannuation.

• As a result of recent downward movements in global financial markets the correct application of losses is a high priority for the ATO.

• Wealthy individuals with a net worth between $5 million and $30 million will also receive greater scrutiny by the ATO.

• The ATO will increase the level of information matching across the nation.