ATO advises accountants on client data swoop
The ATO is urging accountants to inform clients that it is ramping up its data collection from financial institutions and online selling sites for use in its data-matching programs.
The ATO is collecting data to use for its credit and debit card, online selling and ride-sourcing data-matching programs.
The data will include the total amount of credit and debit card payments businesses received, online sellers who have sold at least $12,000 worth of goods or services, and payments made to ride-sourcing drivers from accounts held by the ride-sourcing facilitator.
The ATO will match the data with information provided in clients’ tax returns, activity statements and other records.
The exercise will help the tax office identify businesses that need help and those that may not be reporting all their income or are not meeting their registration, lodgement or payment obligations.
Accountants are reminded that if their clients need to correct a mistake, they can lodge an amendment or make a voluntary disclosure on their behalf.
This is the latest in a string of warnings from the ATO about its increased data-matching capabilities, leaving targeted non-compliers with little chance of escaping detection.
Social media was announced as a tax office target late last year, as well as private school records and immigration data.
Friday, 20 January 2017