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According to official ATO guidance, third-party information from banks, financial institutions, employers, online selling platforms, ride-sourcing and other sources is being matched against lodged tax returns and BAS information to check compliance and detect discrepancies.
For small business owners and individuals alike, this means the ATO’s ability to cross-reference income, deductions and financial data is stronger than ever. It’s not about catching honest taxpayers out – it’s about ensuring everyone meets their obligations and keeping the system
What you should do:
* Keep accurate, reconciled records throughout the year – not just at tax time.
* Ensure your BAS and tax returns reflect your actual numbers, including online sales and contractor income.
* Respond promptly if the ATO contacts you about a data-matching discrepancy.
Good record-keeping and proactive compliance reduce the chance of unnecessary ATO contact – and if an issue does arise, being prepared with accurate documentation makes resolving it far easier.
#accountant #tax #business
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