Should you apply for a new credit card? What about your savings? Your 2013 …
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ATO data-matching targets credit card use and property deals
News from SmartCompany.com.au:

Friday, 11 January 2013 07:50
Terry Hayes

Page 1 of 2

Happy New Year to everyone!

Tax in 2013 is certain to be as lively as ever, probably more so with a federal election looming. The tax promises are sure to flow thick and fast.

I’d like to start this year with an old favourite – ATO data-matching. This technique is now regularly used by the ATO to gather a wide range of information it can then trawl through to detect compliance with the tax laws. No one should underestimate the sheer volume of data the ATO now collects and with the ever-increasing sophistication of techniques to analyse and “slice-and-dice” that data, the tax affairs of Australians will come under closer scrutiny.

In its latest endeavours, the ATO has announced data-matching programs targeting offshore bank accounts, credit and debit card sales, and real property transactions. The information collected will be electronically matched with certain sections of ATO data holdings to identify non-compliance with lodgment and payment obligations under taxation laws.

The ATO intends to collect data relating to credit and debit card sales of entities for the period 1 July 2011 to 30 June 2012 from various banks and…………… continues on SmartCompany.com.au

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