The ATO have advised they are continuing their data matching program for motor vehicles, by acquiring information for 2017 - 2019 financial years from state and territory motor vehicle registry authorities. Although data matching is not new, it continues to become more and more effective.
Vehicles that are equal or greater than $10,000 that have been transferred or newly registered will be the focus for data matching.
This amount will likely affect professionals, business owners and high net wealth individuals.
The data matching initiative aims to identify:
- taxpayers buying and selling motor vehicles who may not be meeting their obligations to register and lodge returns (including activity statements);
- taxpayers that have purchased vehicles with values that are not commensurate with the income they have reported;
- taxpayers who have not met obligations regarding GST, fringe benefits tax and luxury car tax.
We are here to help If you have any concerns about how the data matching program may affect you or your business, please get in touch.
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