Australia's Budget 2025: AI-Powered Income Tax Reforms to Revolutionise Audits and Fraud Detection
2025-01-13
moneycontrol.com
The Finance Bill in Budget 2025 is set to introduce artificial intelligence (AI) in income tax applications, enhancing the efficiency of audits and flagging of fraudulent activities. This upgrade will leverage the Income Tax Business Application (ITBA) platform, enabling real-time tracking of tax returns, refunds, and assessments for Australian taxpayers, thereby improving tax compliance management and reducing errors. With AI-driven audits, the Australian Taxation Office (ATO) aims to increase transparency and streamline tax procedures, making it easier for individuals and businesses to navigate the tax system. This move is expected to boost tax revenue and promote economic growth in Australia.
