Wealthy Australians and small-business operators claiming dodgy tax deductions have handed over nearly $8 billion in extra payments to the Australian Tax Office after being audited.
New ATO figures show almost 1.3 million so-called “client engagement activities” – including sometimes painful tax audits and actions to stop incorrect claims – added $7.7 billion to federal government coffers last financial year.
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Tom McIlroy is the Financial Review’s Canberra bureau chief based in the press gallery at Parliament House. He was previously the AFR’s political correspondent. Connect with Tom on Twitter. Email Tom at thomas.mcilroy@afr.com