Thousands of Australians are likely to receive some ominous-looking letters this year as the Tax Office cracks down on incorrect claims.
The first thing you need to know is that simply sweeping the letter away won’t fix anything.
Many taxpayers don’t realise that the ATO could audit their return anywhere from one month to even two or three years after it is lodged.
The ATO uses data matching technology to scrutinise suspicious claims and send data matching letters to the taxpayers in question, querying the suspicious entries and outlining the changes it plans to make.
Generally, taxpayers have between two to three weeks to respond to an ATO letter, so it’s important to take action as soon as a letter is received. Jump straight on the phone to your tax agent and get advice on what to do next.
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