Mannion's Blog

Closing the tax gap: ATO focus on individual returns

Mannions Business Services - Monday, January 13, 2020

The ATO will scrutinise every individual tax return lodged for the 2018-19 income year to find instances of incorrect claims. It is encouraging taxpayers to document supporting evidence for all claims as it seeks to recoup $8.7bn in lost tax revenue each year from small over-claims by a large proportion of taxpayers. Red flags which may lead to ATO contact or audit include under reported income (from third party data) and deductions that appear high compared to others with a similar job and income level.  more here...

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