Finance

Ominous warning for tax returns in 2021 as Aussies are warned not to ‘play hide and seek’ with the ATO

As people start working on their annual tax returns, the nation’s peak accounting body, CPA Australia, has warned if income is omitted the tax office will be on the case.

CPA senior manager of tax policy Elinor Kasapidis, in providing tips for employees at tax time, says most transactions where money changes hands leaves a digital footprint.

“The ATO has even greater information-gathering powers than the police,” Kasapidis says.

“If you’re thinking of playing hide and seek with the ATO, don’t expect them to close their eyes and count to 10.

“Assume they have full line of sight on your income.”

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