If you don't have a receipt, don't claim it

Make sure you’ve got your affairs in order when you visit your accountant this year. The ATO is continually enhancing and improving their data analysis and risk profiling capabilities to verify receipts and claims this year.

The ATO has reported that they “now check over 640 million transactions per year to ensure income is reported correctly and claims are not overstated.”

Taxpayers will be contacted over data matching concerns and SMEs will undergo reviews, audits and checks regarding employer obligations, PAYG, contractors and GST.

The ATO plans to pay particular attention to people who fail to declare all their income, those who misuse trusts and private company structures, and property related tax issues. They will also look at employers who do not meet their super and PAYG obligations, SME benchmarking, SMSFs and employer FBT obligations.

The ATO is targeting anyone who cannot support their claims with receipts. Therefore, don’t try to claim anything you don’t have a receipt for. If you’re concerned about your record keeping or feel like you may have an issue with any of your obligations, please contact us to discuss your situation.