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Don’t get caught out by ATO data matching!

In this PDF we have described ATO data matching. The Australian Taxation Office (ATO) uses data matching to identify taxpayers who under-report their income. Access EPAS today and don't get caught out by ATO data matching.<br>

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Don’t get caught out by ATO data matching!

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  1. Don’t get caught out by ATO data matching! Every year, individuals and businesses face scrutiny from the ATO due to inaccurate claims or undeclared revenue streams on their tax returns. The ATO employs advanced data matching techniques to identify these discrepancies, and as a result, emergency accounting becomes essential for those affected. If the ATO audits you and uncovers underreported income or misleading information on your tax return, the penalties can be severe, potentially leading to jail time. Unfortunately, in some cases, these incidents occur not due to the individual's actions, but rather because their accountant overlooked something or made an error when completing the tax return on their behalf. To avoid such situations, it is crucial to consult with the team at EPAS, experts in emergency accounting. Our dedicated professionals will work closely with you, employing comprehensive accounting processes to maximize your tax return while minimizing the risk of an ATO audit. What is ATO data matching?

  2. This year, the ATO has expanded its data matching capabilities, including information from property managers, landlord insurance, and sharing economy providers. If any of these apply to you, exercising caution in accurately reflecting this information on your tax return becomes even more crucial. The ATO already receives data from multiple channels, such as employers, financial institutions, government agencies, and other third parties. This data encompasses details such as income, investment earnings, capital gains, dividends, interest, and various transactions. By cross-referencing this data with the information reported in tax returns, the ATO can detect instances where individuals or businesses may have inaccurately reported their income or failed to meet their tax obligations. Upon identifying discrepancies, the ATO typically initiates compliance activities, such as audits, issuing amended assessments, or taking other enforcement actions to address the tax-related issues. The significance of the ATO's enhanced efficiency in conducting checks on a larger number of individuals. Through automation, the ATO can identify more potential issues, requiring their employees to further investigate. While the ATO acknowledges that it cannot verify every one of the approximately 12.4 million income tax lodgements received each year, the implementation of data matching strategies significantly narrows the compliance gap. In light of this, if you have concerns about your tax return, it is advisable to consult experienced accountants specializing in emergency accounting for guidance on your options. Secure peace of mind knowing that even amidst data matching efforts, the ATO is less likely to audit you when you employ emergency accounting measures. Reach out to EPAS today!

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