Posted Under: Accounting and Taxation Posted On 12/01/2016
I recently wrote about how the Australian Tax Office (ATO) now does data matching with many different organisations and government bodies to ‘check’ the accuracy of information you have claimed, and also what you have not disclosed but should have. https://acountinghouse.com/latest-news/you-would-not-believe-what-the-tax-office-now-knows-because-it-does-data-matching/
Up until now, the ATO has mainly focused on data matching recent merchant sales, payroll information reported to other government departments, eBay sales and recently earned offshore income. The ATO is now expanding its data matching to check the records of more than 11 million current and past property owners in a bid to find Capital Gains cheats as far back as the 20th September 1985, when capital gains tax was introduced.
From July this year, all state and territory authorities must report all property transactions in a uniform format to improve the timeliness in reporting the data to the ATO.
If the ATO contact you in relation to a discrepancy, they will provide you with details of the discrepancy, the data that has been matched to you, and give you the opportunity to check your records and contact them if you believe they have made a mistake.
If you have any questions, or wish to discuss your circumstances, please contact Scott or Paul on 0755261855.
Written by Kim Allan