The Commissioner has updated the “What attracts our attention” webpage, which lists behaviours and characteristics that attract the ATO’s attention in privately owned or wealthy groups.
Some of these behaviours and characteristics include:
- Tax or economic performance is not comparable to similar businesses.
- Low transparency of your tax affairs.
- Large, one-off or unusual transactions, including the transfer or shifting of wealth.
- Aggressive tax planning.
- Tax outcomes inconsistent with the intent of the tax law.
- Choosing not to comply or regularly taking controversial interpretations of the law, without engaging with us.
- Lifestyle not supported by after-tax income.
- Accessing business assets for tax-free private use.
- Poor governance and risk-management systems.