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You’ve been targeted

The Tax Office has put work expenses and investment property at the top of its hit list.

In 2003-04, the Australian Taxation Office selected 750,000 taxpayers out of 11 million for compliance action. The days of the full-blown audit, where an ATO officer pays the taxpayer a personal call, are now mostly reserved for businesses. For individuals, compliance action is more likely to require answering questionnaires and requests for further substantiation.

Automated data cross-checking means the ATO is very efficient in identifying the areas in tax returns that taxpayers are getting wrong. And each year the ATO signals where it is going to concentrate its compliance activity……more

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