Budget 2018/19: Greater ATO Funding

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Insights From MCA Accountants

Budget 2018/19: Greater ATO Funding

The Coalition will provide the ATO an extra $450 mil to combat tax cheating.

Greater ATO funding basically means more audits and compliance checks. The focus seems to be on:
– Contractors that should be employees
– High-wealth individuals
– Data analytics and data matching
– Greater educational activities (which the ATO can then use against you, i.e. “we have heaps of info on out website, there is no excuse for getting it wrong”)

The amount of data the ATO gets is amazing. Land titles, car regos, share sales, PayPal, AirBnB, the list goes on. The ATO are on a mission to catch tax cheats.

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