Now, we don’t want to frighten you but the ATO are resembling more closely every day a fly on the wall of your financial secrets chamber. Following are five data sources that the ATO are increasingly gaining access to and investigating;
If you’re scoffing at this one, laughing uncontrollably as you’re ‘pretty positive’ you’re in some sort of ‘tax haven’, you may want to think again. The ATO have paired with banks around the world to access and investigate suspicious transactions to offshore bank accounts which may be subject to Australian tax.
You know that Maserati you purchased last month on your reported taxable income of $21,000? You must have bought that for an ultra bargain price right?
The ATO will be obtaining information on insurance policies for certain classes of assets including marine vessels, enthusiast motor vehicles, thoroughbred races horse, fine art and aircraft.
The ATO are obtaining information such as details of registrants who sold goods and services with a total value of $10,000 on Australian online selling sites. The ATO will match the data provided by online selling sites against ATO records to identify businesses that may not be meeting their registration, reporting, lodgment and/or payment obligations. So, that sneaky little’ online ‘hobby’ you’re making a killing from may soon be under investigation.
The ATO uses data from the state and territory authorities responsible for revenue, land titles and residential tenancy bonds so if you think you’re safe because you haven’t been audited for that rental property you sold back in 1985 think again! The ATO are reviewing cases of real property sales between 1985-2017 as we speak.
Times are tough. You don’t want your hard earned money being donated to the ATO so you think you’ll just skimp out on reporting some of your contracting income – who will know right?! The person who hired you to do the work is in the same boat except he’s searching for deductions so he is reporting all the payments he has made to his contractors for work performed. The ATO have now introduced ‘Taxable Payments’ reports where businesses working in ‘building and construction’ industries must submit the details of every contractor they paid.
For all your business advisory & Individual taxation assistance needs, or to get more information on anything we have mentioned here, please call Abacus Taxation on (07) 3208 9889, or head to www.abacustaxation.com.au/contact to get in touch.