Why it is important to lodge correct and accurate information with the ATO
In response to COVID19, the Australian Government announced a range of stimulus packages to assist individuals, employees and employers. The Australian Taxation Office (ATO) is responsible for the administration of many of the stimulus packages available and have since announced that they will be using data matching techniques to ensure compliance. Although the ATO already have a variety of sources such as Single Touch Payroll (STP), income tax returns and information reported by superannuation funds, the data matching is an additional source ensuring that people have not exploited the packages available.
Data matching will be used for the following stimulus packages:
- JobKeeper payments to employees, sole traders or other individuals
- Early access to superannuation
- Cash flow boosts for employers.
The objectives of this data-matching program are to:
- ensure that all tax and superannuation reporting obligations are met by individuals and businesses.
- recognise and educate the individuals or businesses that may be failing to meet their tax and superannuation obligations and provide assistance accordingly.
- implement treatment strategies to improve voluntary compliance, which may include educational and compliance activities as appropriate
- ensure COVID-19 economic response provides timely support to affected workers business and the broader community
- verify and identify any potential compliance issues.
How we can help
Talk to us today! Not everybody is a numbers person, but be rest-assured knowing that you are speaking with an expert in the industry. While it may be easier to ask a friend for advice, speaking to an expert, who understands the tax rules and all the latest changes, could save you time and money. We have a talented team of accountants and business advisors who will listen to you and take a hands-on approach to managing your tax compliance needs throughout the year.
For more information on the data matching program visit the ATO website here.