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Part 1 – Budget reminders. Under the Hood.
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Articles
Impending GST changes good news for SMEs
SMSF related-party borrowing arrangements
Primary Producer Income Tax Averaging
Active vs passive assets and the small business CGT concession
ATO issues further taxpayer alerts on key focus areas
Borrowed money to pay a business tax debt? Is the interest deductible?
Online Selling
The dangers of income splitting
Clients failing on depreciation front - property investment
Home office deductions: What substantiation will the ATO accept?
ATO advises accountants on client data swoop
ATO issues stern reminder on new backpacker tax
Debt Recovery
Government takes next step in tax cheats crackdown
Car salary packages and the deductibility of after-tax running costs
Choosing an Executor
ATO fires warning shots at cash economy exploiters
Getting a tax valuation from the ATO
5 tips to get home office deductions right
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. 



LARA BULLOCK
Friday, 20 January 2017
accountantsdaily.com.au




14th-February-2017
 
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