Data matching helps the ATO identify taxpayers that have not declared the full amount of income they make on their tax return.
They are now looking to expand the sources of data they match to make sure they get every last cent owing from the 12.4 million individual income tax returns lodged.
Treasury released a discussion paper ... |
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Almost half of all tax collected flows through about 800,000 employers. In an environment where tax revenues are falling, Fringe Benefits Tax (FBT) is of particular interest to regulators. The simple reason is that the ATO can rely on the fact that many employers simply fail to recognise their FBT obligations - it is low hanging fruit.
To sa... |
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The AAT has upheld the application of a 50% penalty to a taxpayer for ‘recklessness’ in claiming deductions that couldn’t be substantiated.
Facts:
In the 2011/12 tax year, the taxpayer made the following claims for tax deductions in relation to his work as a car salesman:
work-related car expenses of $23,065;
... |
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Normally we wouldn’t advise you of potential tax changes until we were absolutely certain that they were going to happen. But this potential tax change is a bit different because if the change goes ahead, your decisions pre and post 1 January could mean several thousand dollars.
Late last month the Government released draft le... |
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The Tax Office has fired the first warning shot in the war against naive, deceptive and dishonest taxpayers, revealing its targets for 2013/2014.
The big picture or big brother?
Fundamentally, the way the Tax Office addresses compliance has changed. Gone are the days of comprehensive audits and visits. Instead, most c... |
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Wealth Creation
