Federal Budget 2012/13
Compliance has been flagged in the budget with significant tightening up on revenue integrity and targeting tax debts.
A $195.3m top up in funding for the ATO to continue its GST compliance program with a focus on fraudulent GST refunds, systematic under-reporting of GST liabilities, failure to lodge GST returns and outstanding GST debts. The Government expects a $986.2m increase in tax revenue as a result of the funding.
Date of effect
Extends funding to 30 June 2016
As at 29 February 2012, Project Wickenby had collected more than $602m in revenue. The ATO and other Project Wikenby agencies have been provided with $76.8m over three years to continue their tax evasion, avoidance and crime crackdown.
Targeting tax debt
The ATO has been provided with an additional $106m over four years to improve the management of tax debt and superannuation guarantee charges. The measure is expected to increase cash receipts by $1,125m over the forward estimates period.
Data management of business register
The Government will spend $68.5 million over four years to increase revenue by $103.8m through improvements to the currency and usability of data delivered by the Australian Business Register. Measures include:
- Expanding the ABR data fields to include geocoded addresses, details of branches and comprehensive associates data;
- Enhancing the capacity to make determinations of who is entitled to be granted and hold an Australian Business Number; and
- Developing additional tools to support compliance activities, policy development, infrastructure and service delivery planning by the Commonwealth, State and local authorities.
Date of effect
From 1 July 2012
Click through to the pages below for details about how the Budget affects you.
For the greater good
Family & Community
Download the 2012/13 Budget Summary
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Last updated May 2012. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.