Friday, October 14th, 2011
The ATO reveal the real impact of inadequate advice…
A sample of penalties imposed by the ATO in 2009 and 2008.
Newly-released Australian Taxation Office (ATO) figures have confirmed the significant impact on fund members in regard to both the number of people that have been issued with an assessment and the monetary amount raised by the penalties.
In reference to the breaches the figures show over 15,000 assessments were issued relating to the 2009 financial year, while 18,000 notices were delivered in 2007/08.
The amount of tax paid as a result of these breaches was $72 million in 2008/09 and $85 million for the previous 12-months. Tax collected from these breaches was $72 million and $75 million respectively.
The abovementioned were contributions caps breaches.
