ATO detective work is becoming increasingly sophisticated by the day and those operating outside of the system are now more easily identified.
Of course, it isn’t all purposeful omission of information and often individuals or business owners may be quite innocent in their mistakes.
This is why it’s important to stay up to date with your compliance requirements so we can escape the creepy guy with the magnifying glass, otherwise known as the ATO’s data matching program (not actually a real guy).
In addition to uncovering hidden or undeclared income the ATO’s data matching program has increasingly been identifying late or unmet lodgement obligations.
One of the areas identified is missed, late or incorrect employee superannuation payments which are reported to the ATO via the superannuation funds and Single Touch Payroll (STP) reporting. This is an easy mistake to make and can result in significant penalties. We encourage you to be aware of this to ensure you are meeting your obligations.
There are also many more areas which the ATO check up on using data matching including:
Our advice? Please ensure you are across your requirements for you and your business. If you are unsure, feel free to contact us.
From the end of this 2023-2024 (current) income year, all non-charitable not-for-profits (NFPs) with an active ABN will need to lodge a self-review annual return…. from Changes in reporting requirements for not-for-profits
The Federal Government recently announced tax cuts for all Australian individual taxpayers, effective from 1 July 2024. This means that every taxpayer will be paying… from Changes to personal income tax
One of the many requirements of the trustee(s) of a trust is to make an annual distribution resolution, where annual profits are allocated to beneficiaries…. from Annual trust distribution requirements
From the end of this 2023-2024 (current) income year, all non-charitable not-for-profits (NFPs) with an active ABN will need to lodge a self-review annual return…. from Changes in reporting requirements for not-for-profits
The Federal Government recently announced tax cuts for all Australian individual taxpayers, effective from 1 July 2024. This means that every taxpayer will be paying… from Changes to personal income tax
One of the many requirements of the trustee(s) of a trust is to make an annual distribution resolution, where annual profits are allocated to beneficiaries…. from Annual trust distribution requirements
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