The latest ATO investigation will see the financial records of over 10 million Australian taxpayers go under the microscope.
What is the latest ATO Taxpayer investigation looking for?
Here are a few highlights in the latest ATO Investigation:
- Credit Cards: The ATO has requested taxpayers’ credit card records from 10 major banks. This is so they can learn more about your finances and spending.
- Vehicles: The details of anyone who purchased a vehicle over $10,000 in the past two years. Why? To help detect people who are able to spend much more than their reported earnings should make possible.
- Ebay Power Sellers: If you’ve earned more than $20,000 selling on eBay, the ATO is likely to check whether you paid tax on those earnings.
- Welfare Cheats: If you received government payments while you earned an income, your details will be under the ATO microscope.
- Capital Gains: In Queensland, details are collected from the Residential Tenancies Authority and the Office of State Revenue to cross-reference any capital gains that may not have been declared.
How do I avoid an investigation?
If you’ve correctly declared all of your income and expenses then you probably won’t even know if the ATO Taxpayer Investigation has included your financial records.
On the other hand, if the ATO finds out you have not declared any of your sources of income then they might reassess your tax returns from past years and possibly even issue you with a financial penalty.
If you’re not sure whether claimed correctly or you have extra income to declare chat with one of our accountants. They’re always happy to help soon as possible.
We can lodge an amended tax return on your behalf to correct any errors. Taking the initiative to correct any mistakes is usually looked upon more favourably by the ATO.
Have a question or concern? Send us a message on [email protected] or leave us a comment over on Facebook and we’ll be happy to help you out.
