Home | About Us |
The ATO's 2012-2013 annual report: some facts and figures
Wednesday, 20th November, 2013, by Ana Cox
In today's Smart Tax Bulletin:
- ATO releases its annual report
- Possible compliance priorities for the new financial year
Dear Reader,
Welcome to another edition of the Smart Tax Bulletin!
Each year, the ATO releases an annual report full of interesting and important facts and figures about the previous financial year. This report gives not only a summary of the most recent tax year, but can also give insight into what the ATO may concentrate on in the year to come.
In today's Smart Tax Bulletin, our Editor-in-Chief, John Kelly, will be taking a look at the ATO's newly released annual report for 2012-2013.
Having analysed the figures, John will give us a tip on what he thinks may be one of the compliance priorities for the ATO in 2013-2014. So read on to find out what it is, and to make sure you're ready if the ATO comes calling!
See you Friday...
Ana Cox
Editor
Smart Tax Bulletin
Editor
Smart Tax Bulletin
Bulletin continued below...
....................................................................................Advertisement......................................................................................
|
ATO releases 2012-2013 annual report
By John KellyEditor-in-Chief, Smart Tax Handbook
Around about this time each year the ATO releases its annual report, which always includes some useful figures. In today's bulletin, I'm going to share some of these figures with you.
In 2012-2013 the ATO collected:
- $156 billion of tax from individuals, up from $148 billion in 2011-2012;
- $66.9 billion in company tax, up from $66 billion in 2011-2012;
- $3.9 billion in Fringe Benefits Tax (FBT), down from $4 billion in 2011-2012; and
- $48.3 billion in GST, up from $46 billion in 2011-2012.
It's interesting to note that amounts increased for all areas of tax collection other than FBT. This anomaly may be due to the ATO's compliance activities in FBT not working as well as they should be, or perhaps it's because businesses have been tightening the benefits they pay to staff to stay afloat.
Either way, and given this result, we may see a resurgence in FBT compliance activities in the coming financial year, although the ATO does note that it has been and will continue to focus specifically on motor vehicle fringe benefits.
The ATO also notes in its report that collectable debt has only increased by 6.5% in 2012-2013 compared to 2011-2012, despite debt collections increasing by 15.4% compared to 2011-2012.
There has also been a drop in the cost of collecting tax revenue, from $0.95 per $100 in 2011-2012 to $0.91 per $100 in 2012-2013.
And to think the ATO manages to do all this on an operating budget of just $3.5 billion!
Warm regards,
John Kelly
Editor-in-Chief
Smart Tax Handbook
Editor-in-Chief
Smart Tax Handbook
Can a colleague or friend benefit from today's bulletin?Knowledge is one of the biggest assets in any business. So why not forward this on to your friends and colleagues so they too can start taking advantage of these health and safety tips?Like the Smart Tax Bulletin? Check out our other free bulletins:
|