The ATO has numerous targeted audit and matching programs annually. The ATO is fast becoming adept at installing and using the best technology to find tax cheats, and has already spent $800 million on installing new IT system to match over 220 million records this year.
Recently announced the ATO will ask state and territory authorities for data that will allow it to scrutinise every property sold in the last 11 years (between July 1, 1999 and June 30, 2010) to assess potential unpaid capital gains tax, income tax and GST. They intend to review all property title transferred during this period with state and territory authorities.
This program will allow the ATO to focus on a broader group of taxpayers and the Tax Commissioner, Michael D'Ascenzo said "The information will help us identify people who may have incorrectly reported or not included capital gains tax, income or GST in their income tax and business activity statements".
In addition, the ATO will also match their data with government authorities on every vehicle sale, transfer or registration between July 1, 2009 and June 30 this year, where the vehicle involved had a market value of more than $10,000. This review will highlight for the ATO whether a person's income does not seem sufficient to support the purchase of the vehicle. If that person is associated with a business, they want to make sure the purchase is not being funded by skimming some or all of the cash takings.
As well as using government records to pursue assets sales, the ATO's data matching program stretches into areas as diverse as online selling, luxury goods, banking and share ownership.
For more information on data matching do not hesitate to contact us.
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