A recently announced ATO initiative will target individuals who are falsely claiming an exemption on the Medicare levy.
Using metadata matching technology, the ATO will aim to ensure that individuals are meeting their tax obligations.
The program is also predicted to identify a number of individuals who do qualify for the exemption, but have not yet received it.
Approximately 130 000 Australians qualify for the exemption.
The Department of Human Services will provide the ATO with the data necessary for them to identify people who do qualify for the exemption in the 2013-14 and 2014-15 financial years.
The ATO also believes that it will identify individuals who are attempting to avoid the Medicare levy surcharge.
The Medicare levy increased from 1.5% to 2% this year to help fund the NDIS, and the Medicare levy surcharge is calculated at 1-1.5% of total income.
Susan Flux, Brisbane
Since that time I known Tony and his team at Lee and Lee, they have provided me with outstanding advice and services regarding my personal, family and especially my SMSF borrowing setup for wealth creation and tax reduction strategies that have since led to financial independence.
I now very clear and feel confident on my future financial goals and taxation strategies and know they can be achieved with Tony’s expert and professional help.
Shukri Barbara, Property Tax Specialists Sydney
Tony’s understanding of the business and tax environments, together with his experience and can do attitude enables him to deliver creative solutions outside the square as much as inside, A positive thinker I find Tony inspiring, guiding clients and associates to a prosperity mindset.
Tony has impressed me with his technical knowledge and execution. He works with honesty and integrity and is generous in his dealings.
John Mu, Internet Marketing Strategist Gold Coast
Tony Lee and his team at Lee & Lee is without a doubt Australia’s number one accounting firm.
Tony has the strategies which are helping me legally minimise tax. He has helped me in my personal development and wealth creation to build a multimillion dollar property portfolio.