• 1. Beware of refund scams

The Commissioner of Taxation, Michael D'Ascenzo, has warned communities in Western Australia about a scam informing victims that they will receive a 'sorry payment from Kevin Rudd' or 'money from Oprah Winfrey' in exchange for providing a payment of up to $800 along with their personal details. The scam promoters then use these details to lodge a fraudulent education tax refund application in the victim's name. The ATO is aware of over 400 suspected fraudulent lodgments in relation to this scam.

• 2. Tax avoidance schemes

The ATO says it is focusing on tax avoidance schemes including: „X higher-risk, widely-offered financial products marketed without an ATO product ruling „X mortgage-structuring arrangements marketed without an ATO product ruling „X non-arm's length financing of otherwise acceptable arrangements „X schemes designed to exploit social consciences

• 3. ATO prosecution and conviction figures

Between Friday 1 April and Thursday 30 June, over 450 individuals and 140 companies were convicted for tax and superannuation offences equating to over $9.5 million. Of the offenders convicted in the April to June quarter, the commissioner says the penalties ranged from a $3000 fine for failure to lodge tax returns to custodial sentences of up to nine years.

• 4. Retail industry – Productivity Commission report

The Productivity Commission (PC) has released its draft report on its inquiry on the Economic The Productivity Commission (PC) has released its draft report on its inquiry on the Economic Structure and Performance of the Australian Retail Industry. It examines the implications of globalisation for the retail industry and the appropriateness of current policy settings. The draft report finds that regulatory reforms are required if the industry is to adapt to the global market.

• 5. Draft legislation on carbon tax released

The government has released exposure drafts on the key bills in its Clean Energy Legislative Package. The package includes provisions for the government's Jobs and Competitiveness Program, designed to help emissions-intensive and trade-exposed industries, and for the Energy Security Fund, which will help electricity generators ensure energy security.