Data matching and the ATO
The ATO conducts an extensive data matching program to assist them in administrating the tax system and as a law enforcement tool. Information is collected electronically and then it is validated, analysed and used to:
- Pre-fill tax returns, making it easier for individuals to lodge a tax return.
- Reassure the community that the ATO protects honest people and businesses from unfair competition.
- Ensure individuals and businesses make lodgements when required to do so and correctly declare income and deductions.
The ATO collects information for more than 600 million transactions from a wide range of third party sources such as banks, financial institutions, employers, state revenue agencies, other federal government bodies, online selling platforms, stock exchanges, health insurers and building industry businesses.
Make sure your tax returns are being completed accurately for you and your business, if you require any advice Contact your accountant.
Feeling frazzled about your next tax bill?
20th June 2018
Partner at DFK Crosbie, Jason Bartlett, explains how you can re-discover peace of mind at tax time.
Feeling frazzled is a common complaint for business owners as the end-of-financial-year... more
Tax tips for investment property
21st May 2018
One of the greatest benefits of owning an investment property (besides the additional income) is your entitlement to tax benefits.
Here are some tips to maximise your tax return this 2017/18... more
Top 10 tips for rental property owners
8th December 2017
Rental properties are an investment which are held by all types of entities and particularly common among individuals and trusts. The ATO has released a top ten list of tips for property investors.... more