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Single Touch Payroll exemptions, business structure rollovers and personal income tax changes
Tax time is fast approaching and the ATO have released a list of deductions that they are focusing on to ensure that individuals are not making incorrect claims. Tax compliance for individuals has been a hot topic in recent years after it was revealed that there was an $8.7 billion tax gap in the 14/15 year between what the ATO collected and what they should have collected if all individuals were tax compliant. There has also been $130.8m set aside for ATO compliance in the most recent budget to target individual tax payers and their tax agents to ensure tax compliance.