Personal tax deductions on the ATO’s hit list

The ATO has signaled that it has salary and wage earners squarely in its crosshairs. Anticipating that there is significant lost revenue from taxpayers overstating their tax deductions, the ATO has signaled that it will target work related claims, especially where taxpayers fall outside of its parameters. There is a perception that lost revenue relating to overstated tax deductions is significant, and mum and dad taxpayers are “low hanging fruit” to the ATO, compared to taking on the multi-nationals.  The ATO has provided us with an indication of clients where the claim for work related expenses in 2016 was high, compared to other taxpayers in similar occupations.  Talk to us if you want to know more.

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