The ATO
contacted nearly 400,000 taxpayers who reported different financial information
in their 2014 income tax returns to the information that they had collected
from other third parties.
Nine out of
ten income tax returns where amended as a result of the ATO receiving this
third party information.
The main
areas of variance in the past related principally to omitted interest income
and differences in the reported employment income.
The ATO have advised that they will be expanding their data
matching to encompass more areas including;
·
Capital gains on disposal of shares.
·
Capital gain on disposal of property.
·
Employment related Foreign Service
income.
·
Contractor income from government
services.
For assistance with regard to your taxation
matter, please contact Peter Quinn
by submitting an
online enquiry or calling us on
+61 2 9580 9166 to book an obligation
freeappointment.
The information in this document does
not take into account your personal objectives, financial situation or needs
and so you should consider its appropriateness having regard to these factors
before acting on it. It is important
that your personal circumstances are taken into account before making any
financial decision and it is recommended that you seek assistance from your
financial adviser.
Website : http://www.quinnfinancialplanning.com.au
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