ATO set to strike
The Australian Taxation Office (ATO) will be going through personal tax deductions with a fine toothcomb this year, according to accountantsRus, which anticipates work-related expenses to be a focal point of audit activity.
AccountantsRus chief Adrian Raftery said the 2005-06 tax year saw an increase in personal tax deductions of almost 20 per cent, which was not matched by an increase in income.
“Assessable income increased by only 5.3 per cent in the same period, so we are bound to see the tax commissioner take action,” he said.
Individuals claimed more than $27 billion in total deductions for that financial year, which was 18.8 per cent more than the previous year, according to ATO statistics, and Raftery urged Australians to keep clear records when substantiating claims in future years.
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