Data matching to be expanded on individual returns The ATO has advised that last year, it cross-referenced information reported in tax returns against over 600 million transactions provided to it by third parties to identify omitted income and gains, or incorrectly-claimed offsets or entitlements to exemption from surcharges. It also contacted nearly 400,000 taxpayers who […]
Reduced penalty period now open for foreign investors
Reduced penalty period now open for foreign investors The ATO are offering reduced penalties for foreign investors who disclose possible breaches of Australia’s foreign investment rules for purchases of Australian real estate. The reduced penalty period (RPP) is only available until 30 November 2015. From 1 December 2015 new criminal and civil penalties will apply. If […]
Data Matching: Flood and cyclone reconstruction levy
Data Matching: Flood and cyclone reconstruction levy The ATO will request and collect names and addresses of approximately 735,000 individuals who received the Australian Government Disaster Recovery Payment and New Zealand citizens holding a special category visa who received an ex-gratia payment from Centrelink. This information will be electronically matched with certain sections of ATO […]
Enhanced Third Party Reporting, Pre-Filling and Data Matching
Enhanced Third Party Reporting, Pre-Filling and Data Matching The 2013/14 Budget contained a measure called “Tax compliance – improving compliance through third party reporting and data matching”. Basically, this measure consists of a number of different elements to improve and increase the information reported to, and gathered by, the ATO. The proposed reporting regimes are […]
Contractor & Council Data Matching Program
Contractor & Council Data Matching Program The Australian Taxation Office (ATO) is committed to voluntarily comply with the Guidelines on data matching in Australian government administration (2014) (Guidelines) published by the Office of the Australian Information Commissioner (OAIC). The ATO has advised that it will acquire details of approximately 20,500 individuals providing contractor services to […]
ATO Prefilling Reports
ATO Prefilling Reports With the updating of the computer systems in recent times, the ATO is able to data match an individual’s tax return with information provided by employers, bank and share registries by way of your tax file number. The ATO has been amending prior year tax returns for this information that may […]
