The Australian Tax Office has issued a warning concerning over a million ordinary taxpayers in the country that are receiving regular wages. They should prepare with Audit Shield because the agency is going to conduct interventions which are most likely going to lead to full audits.
There are around 10 million Australians that are currently working for a company or a business and if you are one of those who are claiming tax deductions that are related to your employment, know that the ATO will be watching you.
According to the federal taxman, they found out that Aussies who are not business owners and are receiving monthly wages from an employer have been withholding almost $8.7 billion of tax money which should be paid to the government.
ATO revealed that about 70 per cent of tax returns filing for deductions which they have selected in random have shown at least one error.
Alison Lendon, the deputy commissioner of ATO, said that it the common denominator among these people is that the errors are only miniature which can be avoided. This is why the agency is dedicated to increase the assistance they are providing in order to let the people know that they have obligations to do things the right way. She added that they are also urging the public to be more careful when it comes to filing their claim because even if the errors are only a small amount it could up later on which leads to a huge loss for the government.
She explained that a small percentage is committing mistakes on purpose which has quite an impact when it comes to the tax revenue. This is why they are intent on catching these errors especially during tax filing season.
Based on reports by the Australian Bureau of Statistics, they have earned tax revenue of $390 billion for the fiscal year 2016 to 2017. From the figure, $281 billion came from people who are receiving wages and businesses in the country. With their previous losses, the agency is determined to conduct audits and everyone should subscribe to Audit Shield to avoid any financial troubles due to unintentional errors.