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Fewer tax reviews for seriously richJul 18, 2012 (The Australian Financial Review - ABIX via COMTEX) -- Bruce Quigley, second commissioner at the Australian Taxation Office (ATO), has outlined the specifics of its 2012 compliance program. Among high-net worth individuals with assets valued at $A30m or above each, the number of audits will be cut from 93 to 50, as part of budget savings measures at the ATO. Only 190,000 microbusinesses will attract scrutiny, compared to 244,000 in 2011, and the pool of individual taxpayers audited will fall from 648,000 to 530,000. However, the total count of pieces of information used in data matching will rise from 409 million to 600 million. Publication Date: 19 July 2012 AUSTRALIAN TAXATION OFFICE |