ATB Chartered Accountants
Level 3, 2O Charles StParramatta NSW 2150
Simply enter your details in the boxes below. Click 'Send Request Now' when you have completed your details and we'll email to confirm your appointment.
The ATO has advised that last year, it cross- referenced information reported in tax returns against over 600 million transactions provided to it by third parties to identify omitted income and gains, or incorrectly-claimed offsets or entitlements to exemption from surcharges.
It contacted nearly 400,000 taxpayers who had apparent discrepancies in the information they reported in their tax returns.
The majority of taxpayers who made errors on their return and had to repay money didn’t wait for the pre-fill information to be available. Nine out of ten returns were adjusted as a result of its inquiries.
The ATO said that traditionally, it focused on areas such as omitted interest and employment income.
However it is expanding its data matching to encompass a greater range of areas, such as:
The ATO also warns tax agents that if their client wants to lodge before all pre-filling information is available, ask them for details of income from multiple jobs, foreign income, bank interest and Government payments they received.
Ref: ATO website – Prepare and lodge – Data matching
Copyright ©2023 ATB Partners. All rights reserved.
Website by Brilliant Digital