The ATO are becoming more strict on under-reported income

ATO new credit and debit card matching project.

Have you disclosed all of your income correctly? Don’t wait until 30th June to rectify any anomalies.

Contractors and Sub-contractors are being targeted in a new crackdown by the ATO, and they will be cross-matching businesses and payments between those of whom have worked for one another.

The ATO has recently announced that it is going to ask credit and debit card providers for details of credit and debit card transactions from over 900,000 businesses.

This information will then be matched with the income each business disclosed in their tax return, allowing the ATO to identify businesses that are potentially underreporting income.

The data is being requested from the following banks:

Commonwealth Bank of Australia
St. George Bank
Westpac Banking Corporation
Australia and New Zealand Banking Group
National Australia Bank
Bendigo and Adelaide Bank
Bank of Queensland
BWA Merchant Services
American Express Australia
Diners Club Australia

If you have underreported income in your Tax Return, it would be a wise move to make a voluntary disclosure to avoid the stressful, costly, and time-consuming elements of an audit. Talk to us at Knox Taxation & Business Services before it potentially becomes an issue for YOU, and take control of your situation. We’ll ask you all the right questions to make sure you’ve got it covered.