Australian Taxation Office

The Australian Taxation Office has extended its data collection to more rigorously check taxpayers’ numbers in their FY23 tax returns and cut down on tax cheats. Property investors and those making work-related claims are high on the target list.

With new data showing offshore share investments comprise just 2 percent of total self-managed superannuation fund assets in Australia, advisers are warning SMSFs against overreliance on domestic shares and cash and urging diversification.

The Australian Taxation Office’s recent annual report shows a growing gap between collectable and collected tax figures, prompting the agency to go after delinquencies as the post-pandemic economic recovery continues.