The ATO contacted nearly 400,000 taxpayers who reported different financial information in their 2014 income tax returns to the information that they had collected from other third parties.
Nine out of ten income tax returns where amended as a result of the ATO receiving this third party information.
The main areas of variance in the past related principally to omitted interest income and differences in the reported employment income.
The ATO have advised that they will be expanding their data matching to encompass more areas including;
• Capital gains on disposal of shares.
• Capital gain on disposal of property.
• Employment related Foreign Service income.
• Contractor income from government services.
For assistance with regard to your taxation matter, please contact Peter Quinn by submitting an online enquiry or calling us on +61 2 9580 9166 to book an obligation free appointment.
The information in this document does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.