National Agenda
ATO employing datamining to check your tax return
The ATO is using data from third-party institutions such as banks to sniff out whether any information, such as sales of shares or property, has been left off a tax return
- The number of Australians receiving these letters is growing every year.
- If the letters are ignored, taxpayers can face financial penalties.
- More institutions now share information with the ATO than ever before.
Takeout
Consumers and businesses need to ensure that they are keeping records to support their claims in order to avoid repercussions. In addition to this, the collection and sharing of data between institutions is making it harder to willfully or accidently cheat the system.Source: The Courier Mail - What to do if you get this letter from the ATO
