ATO Data Matching Programme
While some of us will be bringing the skeletons out of the closet for Halloween tomorrow, the ATO will be on the lookout for a different type of skeleton.
Over recent years the government has been providing the ATO with many millions of dollars to find unreported cash income, rental income, capital gains etc.
The laws have forced the likes of EBay, Air BNB, Stays, Uber, share registries and broking houses, Departments of Land Administrations etc. to annually report transactions and their details to the ATO. If the respective income or transactions does not appear in the taxpayers income tax return where it would be expected, then the ATO will seek an explanation.
The ATO has the power to look back many years and impose quite severe penalties.
With their robust data matching, it will only be a matter of time before they find out what has been hiding.
The good news is, if you amend prior to the ATO becoming aware, your penalties will be reduced.
Contact us before the ATO contacts you!