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READ MOREATO set to pounce on undisclosed income streams
The ATO has warned that it will be increasing efforts to identify taxpayers who leave out certain payments and foreign income streams, as new international reporting standards kick in this month.
The tax office said it will strive to recover an annual shortfall of nearly $1.4 billion caused by individuals who leave income out of their tax returns, as part of its broader plan to recoup the $8.7 billion individual tax gap it revealed earlier this year.
Read the full article at Accountants Daily.
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