The changeover to decimal currency in 1966 created a massive amount of work for the ATO. In NSW alone, staff manually converted 200,000 accounts worth $450 million.
Australia's tax system works on self-assessment. When a taxpayer completes their income tax return, they must show all of their income and only claim allowable deductions and tax offsets to which they are entitled. The ATO issues a notice of assessment based on the information provided in the tax return.read more glossary terms