With tax time nearly over for another year, nestegg can reveal the amount that the Australian Taxation Office aims to collect as “debt” from individuals after last year’s tax period.
In an appendix to the commissioner of taxation’s annual report for the 2018-19 year, it was reported that the value of debt held by Australian individuals that is collectable by the Australian Taxation Office sits at a whopping $2.9 billion.
A further $0.2 billion has been labelled as debt held by individuals that is subject to objection or appeal by those parties, while another $0.4 billion is not expected to be pursued by the Tax Office due to being labelled as insolvency debt.
This year’s tax deadline is Thursday, 31 October.
For more information on what you can claim, click here.
nestegg has also looked at some of the tax deductions that Australians should not attempt to claim as well as what you should do if you have made an incorrect claim this tax time.