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Tax changes affecting individuals

More data matching on individual returns
The ATO has advised that last year, it cross-referenced information reported in tax returns against over 600 million transactions provided to it by third parties to identify omitted income and gains, or incorrectly-claimed offsets or entitlements to exemption from surcharges.
It also contacted nearly 400,000 taxpayers who had apparent discrepancies in the information they reported in their tax returns.
The ATO said that traditionally, it has focused on areas such as omitted interest and employment income, but this year it is expanding its data matching to encompass a greater range of areas, such as:

  • capital tax gains (CGT) from the disposal of shares and property;
  • employment-related foreign source income; and
  • contractor income payments made by government agencies.

Beware of ATO scammers
The 81 year-old caring for his sick wife has lost $110,000 after being duped by scammers pretending to be from the ATO. The man was told he owed money to the ATO and would be jailed if he did not pay immediately, and that his three children would lose their jobs.
If you feel any contact from the ATO is suspect, contact us immediately.

Unsure if you’re affected? We’re here to help. Call (03) 8888 4000 or email info@thepractice.com.au