Against a more sobering backdrop of economic data and a record Budget deficit, the Treasurer announced the first stage of “budget repair work” in the form of tax integrity measures. The government will spend at least $1.4bn on extending the Personal Income Taxation Compliance Program, the Shadow Economy Program, and Tax Avoidance Taskforce to increase the amount of tax receipts by a projected $3.7bn. The Second Commissioner, in a recent address, pointed to three areas that the ATO will be focusing on in terms of individuals.
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