TRO AND DUTIES AUDIT

1
TRO AND DUTIES AUDIT
Department of Treasury Finance
2
Number of Investigations that Resulted in an
Assessment
Department of Treasury Finance
3
Last Years Audit Projects

• TRO Exceptions
• Valuations 76 of assessments were as a result
  of valuation issues.
• TRO Agent Audits
• Execution Date
• Failure to Keep Records

Department of Treasury Finance
4
Last Years Audit Projects

• Dutiable Property (Sale of Business)
• Aggregation

Department of Treasury Finance
5
Revenue Detected 2006/07 ()
Department of Treasury Finance
6
Projects for 2007/08
Department of Treasury Finance
7
Aggregation

• Review Dates are 2006/2007
• Changes to the Program
• Aggregation Statement to be sent with initial
  letter
• Determinations are made on a case by case basis

Department of Treasury Finance
8
TRO Exceptions

• Changes to the Program
• Interest to be imposed at 4.8
• Increased focus on conformity
• Conformity Decision Tree

Department of Treasury Finance
9
TRO Agent Audits

• Education Audits almost complete
• How to Keep audits to a minimum
• Risk Factors
• Help Available
• Honest mistakes will not be penalised.

Department of Treasury Finance
10
Conformity

• Important to be careful when parties on the
  transfer are different to the contract
• New audit program for conformity (2006/07)
• Voluntary Disclosure Period

Department of Treasury Finance
11
Other Audit Programs

• Land Rich
• Dutiable Property (Sale of Business)
• Contract Splitting
• Water Rights
• Review of Interim Assessments/Refunds
• Estates

Department of Treasury Finance