Each year the ATO collects new data from financial institutions that they then use to match with their own information obtained from say income tax returns and business activity statements.
The ATO has advised that its current data matching activities will be focused on obtaining data on card payments, online sales and ride sourcing.
The data will include:
- the total amount of credit and debit card payments businesses received
- online sellers who have sold at least $12,000 worth of goods or services
- payments made to ride-sourcing drivers from accounts held by the ride-sourcing facilitator
Data obtained will be matched to income tax returns, business activity statements and other records held by the ATO. This data is then used to identify any discrepancies and to “help us protect honest businesses”.
If you need to correct a mistake, you can lodge an amendment or make a voluntary disclosure. The ATO has advised that they may even reduce or waive any penalties if you make a disclosure before they contact you.