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ATO 2013-14 compliance program released

Banking on Tax, Issue 10


On 16 July 2013, the ATO released its compliance program for the coming financial year: Compliance in focus 2013-14. It sets out the Commissioner of Taxation’s strategies and target areas to manage the most significant risks to the tax and superannuation systems for the next 12 months. In line with the Commissioner’s recent publications, this year’s compliance program is more concise than in prior years and is designed to be updated throughout the year in response to emerging risk areas.

The Commissioner’s focus for 2013-14 will have an impact on banks and financial institutions with these issues:

  • Profit shifting and e-commerce: In line with the Government’s recent focus on cross-border dealings involving multinationals and ‘base erosion and profit shifting’, the ATO will be paying close attention to:
    • Multinational entities that have inappropriate pricing of international related-party transactions
    • Multinational entities that have undertaken complex restructures, including those with offshore marketing or service hubs in low-tax jurisdictions
    • The ATO also indicated that it will be actively engaging and working with other jurisdictions on multilateral compliance action

  • Compliance with the Offshore Banking Unit provisions

  • Misuse of trusts, including an additional $67 million in funding being allocated to the Trusts Taskforce

  • Incorrect application of the consolidation cost-setting rules when an entity joins or leaves a group.

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