Tax trust targets online salesThe tax office is targeting online sales, including sellers using eBay and The Trading Post.
The Australian Tax Office (ATO) says it is launching a premises matching program that will target people who have sold more than $20,000 in merchandise or services in any of the last three financial years.
It is notification businesses that online sales revenue needs to be included in their alertness statements and/or tax returns.
The ATO says the new facts matching system will detect businesses that have not reported, or are beneath-reporting, income from online sales.
Tax Commissioner Michael D’Ascenzo says the ATO is encouraging businesses who be delivered of under-reported online income in the past three years to constitute a voluntary disclosure.
“If you do so you will be treated fairly and favor from significantly lower penalties. You can make a voluntary disclosure ~ward this or any other matter by writing to the ATO – added details are available on the ATO website,” he said in a specification.
“Data matching allows information from a variety of sources to exist brought together and compiled, identifying individuals and businesses that are deliberately avoiding their levy obligations.
“Records will be matched against different identifiers such as demand file numbers, ABN’s, addresses and date of births which desire improve the integrity of the data matching program.”
The ATO says its body matches information contained in tax returns with more than 500 the masses pieces of third party data.
It says taxpayers are entitled to ~y 80 per cent reduction in penalties if they make a deliberate disclosure, rather than being caught out by the ATO.