MJJ Accounting and Business Solutions

Your Trusted Advisor, Melanie Jacobson and the team at MJJ Accounting and Business Solutions

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June 15, 2015 By Mel

The Tax Office is watching you!

The Australian Taxation Office collects information from a wide range of third-party sources to ‘data match’ information provided on tax returns, activity statements and schedules. This enables them to identify, for example, where people and businesses may not be reporting all of their income.

There are more than 600 million transactions reported to the ATO annually. These third party sources and information they provide include:

– Banks, financial institutions and investment bodies providing investment income

– Employers and Government Agencies providing details of payments to pensioners, employees and contractors

– State and territory title offices and revenue agencies report sales and transfers of real property

– Stock exchanges and share registries report share transactions

– International treaty partners ensure income earned overseas by Australian residents is reported back in Australia.

The data supplied is matched back to the individual taxpayer using an identifier such as your Tax File Number (TFN), name and date of birth.

The aim of the Tax Office data matching is to detect people and businesses operating outside the tax system and to detect fraud against the Commonwealth. It seems the Tax Office has eyes everywhere now!

the australian tax office ato is watching you

Filed Under: Compliance & Record Keeping

What Our Clients Say

We now have a better understanding of our cash-flow, as well as planning when and how we can fund new projects.

Rod Shannon Sheep and Cattle Farmer, Ilfracombe QLD

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