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ATO starts major credit and debit card Data Matching Program

The ATO is undertaking a major compliance program which will involve matching transactions business transactions electronically with data holdings to identify potential non-compliance under taxation law.

Data has been compiled from banks that have identified credit and debit card sales made by Australian businesses.

See full article [ATO starts major credit and debit card Data Matching Program]

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ATO benchmarking small business

The ATO's new benchmarking process means that, for small businesses, the quality of taxpayers' record-keeping is about to take the spotlight.

What this means for businesses is that if the taxpayer can not substantiate their lodgments they must prove the ATO wrong or else the industry set benchmark will be applied.

The Australian Taxation Office has stated that...

See full article [ATO benchmarking small business]

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