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The ATO has advised that it willncontinue with the following data-matching programs.
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nShare transactions
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nData about share transactions willnbe acquired for the period 20 September 1985 ton30 June 2018 from various sources, including stock transferncompanies. The ATO will collect full names and addresses, purchase and salendetails, and other information. The program aims to ensure that taxpayers arencorrectly meeting their tax obligations in relation to share transactions. Itnis estimated that records relating to 3.3 million individuals will benmatched.
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nCredit and debit cards
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nData about credit and debit cardntransactions will be acquired for the 2015–2016 and 2016–2017 financial yearsnfrom various financial institutions. The ATO will collect details (such asnname, address and contact information) of merchants with a credit and debitncard merchant facility and the amount and quantity of the transactionsnprocessed. The program seeks to identify businesses that may not be meetingntheir tax obligations. It is estimated that around 950,000 records will benobtained, including 90,000 matched to individuals.
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nOnline selling
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nData will be acquired relating tonregistrants who sold goods and services to an annual value of $12,000 or morenduring the 2015–2016, 2016–2017 and 2017–2018 financial years. The ATO saidndata will be sought from eBay Australia and New Zealand Pty Ltd. The data willnbe used to identify those apparently operating a business but failing to meetntheir registration and/or lodgment obligations. It is estimated that betweenn20,000 and 30,000 records will be obtained.
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Important: Clients should not act solely on the basis of the material contained in Update. Items herein are general comments only and do not constitute or convey advice per se. Also, changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. This update is issued as a helpful guide to clients and for their private information.