Tax Compliance - Big Brother is Watching!

Tax Compliance - Big Brother is Watching!

Are you?	- A taxpayer?
At a glance:	- The Tax Office will be increasing its compliance activities this year to closely monitor taxpayers who seek to avoid their tax obligations.
You should:	- Ensure you comply with your taxation obligations. - Contact us if you require any clarification or advice.

1.	The Tax Office has observed that an increasing number of taxpayers have been engaging in aggressive tax practices as a result of the global economic downturn.
2.	In a recent speech, the Commissioner of Taxation noted that the economic downturn created a risky environment in which a greater number of taxpayers needed assistance in meeting day-to-day tax obligations, as well as creating a climate in which more aggressive tax practices are sought.
3.	The Commissioner also noted that the tax compliance of about 60 percent of taxpayers is influenced by the behaviours of others.
4.	The Commissioner has reminded taxpayers that the Tax Office is closely monitoring individuals and businesses that engage in tax avoidance and evasion practices.
5.	The Tax Office has warned that taxpayers who engage in such practices increase their chances of being identified for an audit.