BUDGET NEWS – THE ATO ARE STEPPING UP PROSECUTIONS!!

From July the ATO will receive a $260 million funding boost from the Budget to pursue taxpayers who overclaim work-related expenses and reclaim unpaid tax debts.

More than $130 million of that funding will go towards expediting the ATO’s debt collectors, enabling them to fund more prosecutions of taxpayers who don’t pay their tax debts.

Foreign bank account holders are also warned as the ATO have funding for four income matching programs allowing them to detect foreign payment sources.

Be careful of your work-related expense claims.  If you don’t have appropriate records to back up your claims, you are at risk of prosecution!

Please contact our office if you wish to discuss this matter further.