ATO to investigate 10 million taxpayer financial records
The latest ATO welfare and tax crackdown will see the financial records of over 10 million Australian taxpayers go under the microscope in the coming months.
Are you likely to be audited?
What is the ATO looking for?
Here are a few highlights in the latest ATO crackdown:
Credit Cards: The ATO has requested taxpayers’ credit card records from 10 major banks, so they can learn more about your finances and spending.
Vehicles: The details of anyone who has bought a vehicle for more than $10,000 in the past two years will also be handed over. Why? To help detect people who are able to spend much more than their reported earnings should make possible.
Ebay Power Sellers: If you’ve earned more than $20,000 selling on eBay then your details will likely be handed over for the ATO to check whether you’ve paid tax on those earnings.
Welfare Cheats: If you received government payments then your details will be under the ATO microscope, especially if you earned any other income on the side.
Capital Gains: In Queensland, details are collected from the Residential Tenancies Authority and the Office of State Revenue to cross-reference any capital gains that may not have been declared.
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