The Australian Tax Office is cracking down on taxpayers who avoid paying part of their taxes.
You may remember our August article about the ATO’s improved auditing systems. Since then, the ATO’s auditing process has been updated and refined.
The ATO’s current targets are Australians who do business in a ‘cash only’ basis and people who over-inflate their deduction claims.
New figures released by the ATO show that between July 2011 and January 2012, almost 1200 people were prosecuted AND convicted for tax offences.
Being convicted for a tax offense is serious business and can involve heavy fines or even jail. Speaking to the media, Tax Commissioner Michael D’Ascenzo explained that the ATO’s sophisticated data-matching programs will shine a spotlight on people who try to trick the ATO. He explained, “We use advanced technology to bring together information from a range of government departments and other third parties to cross check personal and business records.”
(Your Etax Accountant can help you maximise your tax refund without taking risks or making a claim that could land you in hot water with the ATO. Always give accurate information to your accountant – you’ll be surprised how much their advice can help you.)
If you aren’t sure about any section of your tax return, don’t hesitate to contact your accountant: Just log in then visit “My Etax Messages” on your online tax return.
In the lead up to the start of the 2012 tax season, feel free to contact Etax.com.au. Your Etax Accountant is a highly qualified tax professional who is more than happy to answer any queries you may have about your past or future tax returns.