ATO Joins the Dots
The Australian Taxation Office (ATO) is preparing to enhance its already extensive network of information sharing capabilities. Previously, many taxpayers who, whether carelessly or unintentionally omitted certain income from their tax returns such as interest, dividends, distributions, share sales, etc. may have never had anyone question why that income was omitted. However, now with this ever-improving network, these taxpayers will likely be receiving letters from the ATO asking them to “please explain”. Taxpayers may be subject to penalties for the non-disclousure of such income. In case you were wondering how this is done, the ATO receives much of their information from banks, share registries, and investment companies and a computer matches it against your TFN, so don’t think someone at the ATO will just happen to “miss it”.
Read the whole article here
