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ATO sounds deductions warning ahead of tax time

The Tax Office is expecting due diligence from tax agents this tax time around certain problematic deduction areas as it seeks to tackle the $8.7 billion individuals tax gap.

ATO sounds deductions warning ahead of tax time
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ATO sounds deductions warning ahead of tax time

Last year, the ATO released its first ever Individuals not in business tax gap report, revealing an $8.7 billion gap caused primarily by incorrect claims for deductions for work-related expenses and omitted income.

Read more at the Accountants Daily.

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