税payers may fail to meet their obligations (deliberately or unintentionally) in the areas of registrations, 报告, 诉讼, 以及纳税. The Australian 税ation Office’s (ATO) data matching capabilities have increased significantly over the years. As a result, so has the chance that they will catch people not meeting their obligations.
The most common issue is the understatement of income in tax returns. Income may be understated by excluding the business sales, 投资澳门官方赌场, disposal of investments or foreign income.
Most people are aware the ATO collects data from employers, 银行, share and trust registries and health insurance funds. Following are some additional third-party sources, the information they provide to the ATO, and what the ATO is doing with that information.
- State motor vehicle registering bodies
The ATO receives information about motor vehicles sold, newly registered, or transferred. The ATO particularly look for GST compliance, Fringe Benefits tax compliance and motor vehicles purchased that are not commensurate with income reported. - 州产权办公室
财产的细节, transfer price and buyer and seller information on the sales and transfer of real property are provided to the ATO via appropriate channels. The ATO uses this information to ensure compliance with capital gains tax (CGT) and GST compliance. - 网上销售平台(如.g. eBay, Gumtree)
The ATO reviews the quantity and value of on-line sales to ensure taxpayers are meeting their obligations in the area of GST and ABN registrations, 报告和提交, and/or payment of tax liabilities. - Sharing Economy Facilitators (e.g. Uber, Ola, Airbnb)
Information on payments to participants is provided to the ATO to ensure that income is correctly included in income tax returns and that participants are registered for an ABN and GST (where required). - 商户服务商(e.g. 银行) and Specialised Payment Systems (e.g. 贝宝)
The ATO is provided with electronic payments processed for business, including total debit and credit card payments received by the entity. This information is used to ensure businesses comply with their tax obligations such as lodging their tax returns, 申报入息, and paying their GST and income tax. - Australian Crypto Currency Designated Service Providers
Purchase and sale information is provided to the ATO. The ATO uses this data to confirm that taxpayers are 澳门赌场官网 for their crypto currency transactions in their income tax returns. - AUSTRAC and International Treaty partners
The ATO receives information about foreign source income and ensures this has been declared in the taxpayers’ income tax return.
The ATO are putting significant resources into data matching to ensure that everyone is paying their fair share of taxation. Penalties imposed by the ATO can be as high as 75% of the additional tax liability. More than ever it pays to be upfront and honest.
请 澳门赌场官网 your local Accru advisor if you have any questions about how this may apply to you.
