TheAustralian Securities and Investments Commission(ASIC), theAustralian Prudential Regulatory Authority(APRA) and theAustralian Tax Office(ATO) will walk away from the Budget with a total of $433.9 million in funding over the next four years.
The ATO was the biggest winner in the funding stakes with additional funding of $326.4 million slated for public education and compliance activities spending until 2008.
ASIC was handed $52.5 million over four years which has been earmarked for enforcement activities and consumer protection against investment scams. The Government has also set aside a further $7.6 million to support the implementation of CLERP 9, strengthen surveillance activities and review auditor compliance with auditing standards.
APRA’s slice of the funding pie was slightly smaller than ASIC’s with the former receiving $47.4 million over four years to build up its supervisory roles with a focus on the area of large, complex and systemically important financial institutions.
The funding will also place more emphasis on the safety of superannuation funds while a review of the general insurance industry will take place in the wake of the HIH Royal Commission findings.
In releasing the figures the Government has indicated the ATO will spend its funding in the area of compliance by ensuring employers fulfil obligations in the areas of PAYG withholding, superannuation guarantee and fringe benefits taxes.
The ATO would also look at businesses with annual turnover of between $2 million and $100 million, individual taxpayers in the areas of capital gains tax, rental deductions, and high risk refunds and leveraging compliance through tax agents.
In the area of superannuation compliance the ATO will focus on expanding its audit of self-managed superannuation funds, superannuation surcharge compliance and complaints regarding non-payment of the superannuation guarantee.
