Budget 2008-09: Compliance Matters

10.09.08

Marine vessels and data matching

The Tax Office has announced that it will request and collect details of taxpayers who have registered a marine vessel from the relevant State marine vessel registering bodies.

The data collected will be electronically matched with its data holdings to identify non-compliance with tax obligations.

Cash economy and businesses

In July and August, the Tax Office sent out letters to businesses in the retail, construction and consumer services industries, which have high volumes of cash transactions.

The Tax Office will send follow-up letters in September and October to selected businesses that it has identified as likely to present risks in connection with cash economy participation.

The Tax Office says it is likely that some of the taxpayers identified under the program will be subject to further review.

• TIP: Taxpayers should contact us to discuss any potential compliance issues that the Tax Office has identified in the letters.

Outstanding lodgments

The Tax Office has sent letters to tax agents that include a list of clients who have outstanding income tax returns and/or activity statements.

Clients with outstanding returns and/or activity statements should contact us to ensure any outstanding tax obligations are completed and lodged as soon as possible to avoid any compliance actions by the Tax Office.

Excess Superannuation Contributions

According to the Tax Office, it has identified "potential" cases of individuals exceeding the $1 million cap on non-concessional superannuation contributions made during the transitional period from 12 May 2006 to 30 May 2007.

Individuals who exceed the superannuation contributions cap in a financial year are liable for the excess contributions tax.

To identify the actual excess contributions tax assessments to be issued, the Tax Office said that it will conduct a pilot investigation of 200 representative cases.