ATO on lookout for over-zealous tax claims

The new financial year is upon us, and as a result the Australian Tax Office has said they will be keeping a watching eye on over-zealous taxpayer claims.

Tax returns will start rolling in from today, and in such a tough economic climate, the ATO is predicting many taxpayers will attempt to make unnecessary claims.

ATO Commissioner Michael D’Ascenzo told a breakfast address in Sydney on Tuesday that the economic downturn had created a “highly volatile risk environment,” creating a climate in which taxpayers were more aggressive in the search for opportunities to avoid or evade tax, including offshore arrangements.

But the ATO says there will be no delay in dealing with genuine returns, with the tax office being given an additional $320 million from the Government over four years in funding in the May budget to ensure wealthy Australians and medium sized businesses meet their tax obligations.

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