The Australian Taxation Office has vowed to crack down on landlords submitting dodgy tax returns, after a recent review found nine in ten made mistakes and wrongfully claimed expenses. 9News
submitting dodgy tax returns, after a recent review found nine in 10 made mistakes and wrongfully claimed expenses.
Those working from home, as well as those who run home-based businesses, and people who earn income from short-term rental sites like Airbnb or Stayz, will also be under added pressure this year to file returns correctly, in a new bid to stamp-out tax fraud. The review comes amid a major funding boost to the ATO, announced in last week's budget, which saw an $89.6 million injection - expected to increase Tax Office receipts by $474.9 million over five years.According to the ATO, there was a tax gap of $9 billion in the 2019-2020 financial year.
Taxpayers paid 94.4 per cent of the whole amount theoretically owed to the Commonwealth, with deductions for rental expenses – including people incorrectly claiming negative gearing deductions – contributing $1.3 billion to the gap.
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