2023/24 Federal Budget Highlights

2023/24 Federal Budget revealed that the Government will invest:

• $89.6 million into the ATO’s Personal Income Tax Compliance Program.
• $27 million to improve data-matching to identify cases of superannuation guarantee underpayment by employers.
• $588.8 million (over 4 years) to continue a range of activities that promote GST compliance.

ATO’s Compliance focus 2023:

1. Capital Gains Tax (CGT)
2. Super contributions
3. Unpaid Super & PAYG-W
4. Late TPARs
5. Cash economy (hidden wages)
6. Work related expenses
7. Holiday homes and rentals

If this information gives you goosebumps, then you should read our next article about AuditShield insurance.