The ATO is asking taxpayers to pay close attention to their taxable claims and keep track of all records.
This follows the Australian Taxation Office’s first ever estimate of the “tax gap” which indicates that wage earning individuals are dodging much more tax than multinational firms. Individuals are reportedly are over-stating their work and other expenses at an estimated whopping $8.7 billion a year.
To put this in perspective, The Australian Financial Review reports that for every $1 in tax avoided by multinationals, $3 is cheated by individual taxpayers.
In light of these figures, it comes as no surprise that the ATO has big plans to crack down on individuals in a bid to catch evaders and recover some of this lost revenue with increased audits and digitalisation.
myprosperity has always been about empowering advisers and accountants to help their clients get their financial world sorted. The Tax Assistant makes it effortless for you to keep track and gather all of the information you and your clients need at tax time.
- Clients can update their income, properties, and deductions.
- They can also attach supporting documents like bank statements directly to the wizard.
- The Assistant generates a tax summary in your adviser portal with the client’s details so you can finalise their tax return.
With the ability to tag and file transactions as tax items, track investments, and sign documents digitally all year round, completing your clients’ tax returns has never been easier.
Click here to learn how you can leverage the Tax Assistant to help your clients get their tax sorted today.
