Any digital footprint that you leave or whenever you submit your TFN to any organisation, the ATO can find and use this information. Facebook, LinkedIn, Instagram, Bank Accounts, Stockbroking accounts – here and overseas….. data is available.
For individual tax returns for 30 June 2019 and beyond, the ATO are collecting even more data. The ATO will now collect line entry deduction data (also known as granular data) entered into your tax return. This will be either through MyTax or your tax agent.
The detail of all deductions data (D1 to D15) will now be included. It is important to ensure that any information that is provided is accurate and clearly describes the deduction claimed.
The ATO have stated that they will use the data to:
- identify honest mistakes;
- quickly resolve errors;
- further refine risk models to more accurately provide tailored assistance in relation to specific claims; and
- identify, monitor and take firm action against tax agents who are intentionally doing the wrong thing.
We all await the communications from the ATO on the outcomes of this new initiative and how this information gets applied.