The ATO Thur 21.8.2014, gazetted notices announcing the following data-matching programs:
- Banking transparency – the ATO will request and collect account details of bank customers from various financial institutions listed in the notice to identify Australian resident taxpayers with offshore bank accounts which may evidence undeclared income and/or gains for the years ended 30 June 2012 to 2015. The program will, among other things, help the ATO to identify Australian resident taxpayers who may be outside the tax system and increase transparency of the worldwide dealings of Australian resident taxpayers. The ATO estimates that approximately 50,000 offshore records will be obtained under the program.
- Taxable government grants & payments – the ATO will acquire details of entities receiving taxable grants and payments from various Federal, State and Territory and Local Government departments, agencies and authorities. The ATO notes the gazette notice replaces previously issued notices re Local Government Contractor Payments (C2014G00139, 28 January 2014), Childcare & Educator Payments (C2014G00566, 2 April 2014), and Queensland Government Contractor Payments (C2014G00567, 2 April 2014). The ATO says the program will enable it to identify and test the correct taxation reporting by recipients of taxable Government grants and payments from agencies across the Federal, State and Local levels of government. Records matched under the program will exceed 5,000 individuals throughout Australia.
- Music royalty payments – the ATO will acquire details of entities collecting and distributing music royalty payments for the 2011, 2012 and 2013 financial years from the following sources: Australasian Performing Right Association (APRA); Australasian Mechanical Copyright Owners Society (AMCOS); APRA New Zealand Limited; and AMCOS New Zealand Limited. Among other things, the ATO aims to detect instances of potential non-compliance, especially with omitted income and alienation of personal services income. It is estimated that records for more than 15,000 entities will be obtained, of which most will be individuals.
[LTN 161, 21/8/14]