19 Mar Latest Data Matching Program – the ATO’s continued attack on the cash economy
The Australian Taxation Office (“ATO”) is making it harder for people in business who deliberately use cash transactions to hide income and evade tax obligations. Data matching is an expanding program used by the ATO to identify those who are not reporting all their income. The latest targets include coffee suppliers’ and hardware store trade account holders.The ATO will monitor information received about coffee shops buying more than 15 kilograms of coffee a week from suppliers, as well as individuals and businesses holding a hardware store trade account with annual purchases of $10,000 or more. Data on purchases and reported income will be cross checked by the ATO to ensure that all business income is being reported.