Motor vehicle data matching
The ATO's data matching program will coordinate with all states and territories to share data on vehicles with a market value of $10,000 or more that have been transferred or newly registered.
The ATO has announced the commencement of a data matching program with the 8 State and Territory Motor Registry authorities. The program will provide the ATO with data on vehicles that have been transferred or newly registered where the purchase price or market value is $10,000 or more.
The motor registry records will be electronically matched with ATO data to try and identify non-compliance with obligations under taxation and superannuation laws.
The data will assist the ATO in conducting compliance checks of luxury car tax, fringe benefits tax, and fuel tax credits, as well as identifying higher risk taxpayers with outstanding lodgements and those with undeclared income whose asset holdings might not seem consistent with the financial position being declared on tax returns.
This data matching program replaces the previous program which was in operation in respect of the 2014, 2015, and 2016 income years.
For more information, contact us on 02 9957 4033.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.