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The objective of the audit is to assess whether the Australian Bureau of Statistics (ABS) has established effective risk management arrangements to support the implementation of the Statistical Business Transformation Program.
The audit would examine whether the Australian Taxation Office and the Department of Agriculture and Water Resources have effectively administered the Farm Management Deposits Scheme.
The Farm Management Deposits Scheme commenced in 1999. The Scheme provides an income tax concession to eligible primary producers to help them manage fluctuations in their income so that they can be more financially self-reliant. At 30 April 2018, a total of $5.17 billion was held by primary producers in Farm Management Deposits accounts. Treasury has estimated that the revenue forgone through the Scheme will increase from $245 million in 2016–17 to $560 million in 2017–18. In 2016, the Scheme was amended to double the amount that producers could deposit; re-establish early-access provisions; and remove the restriction on the use of deposits as loan offsets.
The audit could focus on the risk identification and compliance strategies and activities that support the integrity of the Scheme. It could also examine the: latest changes to the Scheme to determine whether they were established on a sound basis; the Department of the Treasury’s and the Australian Taxation Office‘s estimation of the potential tax revenue forgone through the Scheme; and the extent to which the objectives of the Scheme are being achieved.
The objective of this audit was to assess the effectiveness of the Australian Taxation Office’s (ATO) and Treasury’s management of compliance with foreign investment obligations for residential real estate.
The audit objective was to assess the effectiveness of the Australian Taxation Office's processes for estimating and monitoring the costs, savings and benefits associated with the Reinventing the ATO program.