The Australian Taxation Office (ATO) has published its corporate plan for 2024-2025, on 12 August 2024. This plan encompasses the ATO, the Tax Practitioners Board (TPB), and the Australian Charities and Not-for-profits Commission (ACNC).
The ATO main focus areas for the year includes:
- Strengthening debt collection – ATO will increase its focus on business debt including superannuation guarantee, pay as you go withholding and goods and services tax (GST).
- Enhancing counter fraud measures – ATO will introduce initiatives to further protect systems and clients from fraud in the Australian tax system along with aspects of the superannuation system and business registry systems, by strengthening the digital platforms. It will collect and monitor a combination of internal and external data sources and information to detect fraud in close to real time, take firm action on areas of suspected fraud and ensure adequate consequences for intentional deceit or reckless behaviour, and actively assess control vulnerabilities in the system and identify treatments needed.
- Sustaining multinational and large taxpayer performance – ATO will continue to pursue new priority-tax-risk areas to improve compliance for multinational enterprises, as well as public and private businesses and groups. It also wants to address key risks to the corporate tax base and closing tax loopholes. Furthermore, ATO wants to improve public reporting of large business tax information to boost tax transparency and support the integrity of the tax system.
- Enhancing cybersecurity – ATO will continue strengthening its systems to monitor, detect, and respond to cyberthreats, and protect data. It wants to deliver its Cybersecurity programme, supporting the government’s 2023–2030 Cyber Security Strategy. ATO also intends to use data and intelligence to understand cyber threat behaviour; provide advanced detection and response; and mitigate risks to its information and communications technology ecosystem.
- Strengthening the value of data and digital – ATO aims to expand its data and digital capability by building on strong foundations and delivering end-to-end digital client and staff experiences. In addition, the tax agency plans to implement digital strategy initiatives to accelerate the digitalisation of the tax ecosystem and responsibly expand the use of automation and artificial intelligence (AI) to increase operational efficiency.
- Blueprinting a future small business digitised tax experience – ATO stated it will continue to consult with key partners and publish a multi-year approach designed to make it easier for small businesses to meet their tax obligations from the start and on time.
