According to an article published on Smart Company in September 2018, the ATOs new, highly-sophisticated data-matching software has revealed over $53 million in tax return errors.
Over 110,000 tax returns were adjusted by the ATO so far this year, and this was before any tax returns were handed out, thanks to advances in the technology they are now using. Although many of the tax return errors were minor, collectively they all added up to a significant amount.
In a recent statement that was made public via the ATO Media Centre; Assistant Commissioner, Kath Anderson; a harsh criticism was handed out to those claimants who are seemingly placing a higher degree of importance on generating a significant tax return amount, than taking the time, care, and attention to get their information correct.
At the time of lodging a claim, there is pre-filled information that is readily available to use, but which many people are just not utilising the data that is already there. This year, many of the errors were as a result of people not entering salary data or bank interest amounts.
At the point of this article being published, the ATO has already been about to process over 5.8 billion claims, issuing over $11.9 billion. Astoundingly, younger workers who are aged between 17-24 made up almost 20% of those who completed their 2017/2018 tax returns early.