Show Notes
There are certain things that can put you on the ATO’s radar, and some of them have nothing to do with deliberately doing the wrong thing.
In this video, Jacob Fahmy breaks down five major red flags that can attract ATO attention, including lifestyle assets that do not appear to match your reported income, information from banks and other third parties that does not line up with your tax return, poor lodgement history, unusually large refunds and tip offs from members of the public.
The ATO can receive information from employers, banks, investment providers, rental agents, insurance companies and other sources, which means they may already have a picture of your financial position before your tax return is lodged.
Jacob also explains why keeping good records matters, what can happen when your reported information does not make sense, and why ignoring outstanding tax returns can make the problem worse.
The key takeaway is simple: if the ATO ever asks questions, you want to be able to explain where the numbers came from and back them up with proper documentation.
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This content is general information only and does not constitute financial, tax, accounting, legal, property or business advice. Speak with a qualified adviser about your own circumstances.
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