ATO Highlights $8.7 billion in lost revenue

The ATO has released a report on the lost revenue from individuals not in business.  This lost revenue is a result of errors in personal tax returns including omission of some income and errors in or over claiming work related expenses.

Seven out of ten randomly selected tax returns around the country contained errors that required amendment.

The government has announced additional funding to increase their level of review activities and assistance to tax payers.

Our internal procedures and detailing information requests we give you ensure these risks are minimised.

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