The ATO has obtained extensive data on residential investment properties. The data is obtained from property managers, landlord insurance providers and financial institutions providing loans for residential investment properties, as well as income protection policy information. This data will be used to identify taxpayers with incorrect information in their tax returns and educate them. The ATO plans to pre-fill more information in future years.
The ATO is encouraging small businesses to take advantage of certain measures when lodging their tax returns for the 22-23 year.
Businesses in Australia are currently experiencing higher levels of debt than they were pre-pandemic. According to the ATO, many SME are carrying six-figure debts, and have been surprised to be issued with a director penalty notice—even though they were already making payments.