The ATO have announced that they are running a data matching program, which will see them obtaining merchant sales data from the majority of major banks and comparing this data against sales income declared by businesses.
Any businesses that are suspected of “skimming” their cash takings / running part of their business “off the books” are likely to be subject to compliance audits. Such businesses are also at risk of receiving a “default” income tax assessment.
The ATO has managed to obtain this data from the following banks:
> St George
> American Express
> Diners Club
> ANZ Banking Group Limited
> Bendigo Bank
> Bank of Queensland
> BWA Merchant Services Pty Ltd
For further information, please refer to the ATO’s website, or contact Freshwater Taxation on