Money Budget 2018: Dodgy taxpayers to be hit in $2 billion probe

10:06  09 may  2018
10:06  09 may  2018 Source:   msn.com

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It gave no indication of what actions might be taken but said the two sides committed to resolve their trade disputes through dialogue. Federal budget 2018 : Dodgy taxpayers to be hit in $ 2 billion probe . 6m [2].

Federal budget 2018 : Dodgy taxpayers to be hit in $ 2 billion probe . Federal budget 2018 : Airport security to undergo dramatic transformation. 12m [2].

The ATO will pursue more prosecutions of taxpayers from next year.© Greg Newington The ATO will pursue more prosecutions of taxpayers from next year.

Dodgy taxpayers will be made to pay for up to $2 billion in personal income tax cuts scored by workers in Tuesday's budget.

From July, the Australian Tax Office will receive a $260 million funding boost to pursue taxpayers who over-claim on cars, uniforms, internet and other work-related expenses as part of a double-hit that will also see it empowered to reclaim unpaid tax debts.

More than $130 million of that funding will go towards speeding up the work of the ATO's debt-collectors, enabling them to fund more prosecutions of "those taxpayers gaining an unfair financial advantage over those who pay their fair share", according to the budget papers released by Treasurer Scott Morrison.

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Federal budget 2018 : Dodgy taxpayers to be hit in $ 2 billion probe . Federal budget 2018 : Airport security to undergo dramatic transformation. 12m [2].

@tsb I’m trying to make an online payment (which is now woefully overdue because of all this) I’m getting to the last screen to confirm password and everytime I hit submit I get this! Federal budget 2018 : Dodgy taxpayers to be hit in $ 2 billion probe .

The measures, led by Financial Services and Revenue Minister Kelly O'Dwyer, also warned tax agents of unscrupulous taxpayers will be targeted by the tax office.

For the first time, those deemed high risk will receive real-time messages as they complete their tax returns warning them not to over-claim or under-report.

High-wealth individuals with money flowing from foreign bank accounts were also warned on Tuesday night, with funding for four income-matching programs allowing the ATO to detect foreign payment sources.

The clawback of unpaid debts is expected to net $1.2 billion over the forward estimates, while business expense restrictions will bring in $700 million.

In changes that will mostly benefit young superannuation account holders, the ATO will also for the first time proactively combine multiple accounts that have been left dormant into one active account.

The change is expected to save superannuation holders up to $570 million in fees in the first year. Super funds will also be banned from automatically signing up people aged under 25 to life insurance policies, while administration and investment fees on low balance accounts will also be outlawed.

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