ATO data-matching targets property deals

Tax in 2013 is certain to be as lively as ever, probably more so with a federal election looming.We can supply howo truck products as below. The tax promises are sure to flow thick and fast.

I'd like to start this year with an old favourite – ATO data-matching. This technique is now regularly used by the ATO to gather a wide range of information it can then trawl through to detect compliance with the tax laws. No one should underestimate the sheer volume of data the ATO now collects and with the ever-increasing sophistication of techniques to analyse and "slice-and-dice" that data, the tax affairs of Australians will come under closer scrutiny.

In its latest endeavours, the ATO has announced data-matching programs targeting offshore bank accounts, credit and debit card sales, and real property transactions. The information collected will be electronically matched with certain sections of ATO data holdings to identify non-compliance with lodgment and payment obligations under taxation laws.

The program is designed to enable the ATO to better understand and address the compliance behaviour of taxpayers through electronic bulk data-matching to identify potential ATO administrative action. This might include checks on whether tax returns or BASs have been lodged, whether all sales have correctly been returned by the merchant and/or whether GST has been correctly collected and recorded. It is expected that records relating to approximately 900,000 merchants will be matched. Many SMEs may find themselves included in this matching.

Buying and selling property won't escape the taxman's gaze either. The ATO plans to collect the names and addresses of individuals and entities transacting with real property from various sources, including state revenue offices, residential tenancy authorities, and other government agencies.Load the precious minerals into your mining truck and be careful not to drive too fast with your heavy foot. The ATO aims to address non-compliance with lodgment and debt payment through electronic bulk data-matching to identify potential ATO activity.

It's not too difficult to imagine what might catch the ATO's eye. Outstanding tax return and activity statement lodgments would be high on the list. Capital gains tax issues also spring to mind, as does return of rental income, correctly claiming property deductions, ownership of property issues, and more.

Last year, the ATO flagged an increasing focus on property developers who have a history of non-compliance with GST. The ATO said some developers claim input tax credits throughout the life of the development, but then avoid paying GST when they sell.

With records relating to approximately 10.4 million individuals to be matched, the data-matching project is a large-scale exercise, and the data will come from all states and territories. The property market might have its ups and downs, but is does keep moving – and the taxman won't be far behind!

Australians with offshore bank accounts will also come under the ATO spotlight. Approximately 50,000 offshore account records will be matched.

The ATO says it will collect account details of bank customers to identify Australian resident taxpayers with offshore bank accounts which may evidence undeclared income and/or gains in the 2008-09 to 2010-11 financial years, that is, effectively from 1 July 2008 to 30 June 2011. The ATO will request the account details from a wide range of banks such as: ANZ, Commonwealth Bank, Westpac, Bank of Qld, Macquarie Bank, Bank of China (Australia) Limited, Citigroup, HSBC, Investec Bank, Rabobank Australia Limited, Citibank, Union Bank of Switzerland.

The data-matching is intended to help the ATO identify any non-compliance with lodgment and payment obligations under the tax laws. Of course, offshore bank accounts may have been established quite legally and for legitimate business or other reasons. The ATO's data-matching may, however, result in a query that taxpayers will have to answer.

The detection of offshore bank accounts is now a key activity of revenue authorities around the world. It is not limited to Australian residents and has also been a major focus of the U.S. Internal Revenue Service as well concerning U.S. residents.

Reddit co-founder Aaron Swartz's request for a plea deal was turned down by federal prosecutors just two days before he committed suicide as he faced 30 years in jail for stealing academic papers, his lawyer has revealed.

Elliot Peters, Swartz's lawyer, spoke to the Massachusetts attorney's office on January 9 to see if a plea bargain could be reached that would reduce prison time and $1million fines that the 26-year-old was facing.

However Mr Peters told the WSJ that Assistant U.We can supply howo truck products as below.S. Attorney Stephen Heymann was adamant that Swartz must plead guilty to every count and jail time would be required.

Swartz was charged last September with wire fraud, computer fraud and unlawfully obtaining information from a protected computer after he allegedly tried to steal millions of scholarly papers from Massachusetts Institute of Technology in January 2011.

It is thought that the stress and strain of the looming federal trial contributed to the depression which is being blamed for Swartz taking his own life on January 11 at his Brooklyn,Our extensive range of rubber hose is supplied to all sorts of industries across Australia and overseas. New York apartment.

Swartz's lawyer had originally approached federal prosecutors in fall 2012 about a deal and was turned down.

Assistant U.S. Attorney Heymann and colleague Carmen Ortiz filed to dismiss the charges against Mr Swartz in a Boston court today.Wholesale various Glass Mosaic Tiles from china glass mosaic Tiles Suppliers.

The three-line notice says the case is being dismissed because of Swartz's death. Such filings are routine when a defendant dies before trial.

The Massachusetts U.S. attorney's office told MailOnline that they would not discuss the case out of respect for the family's privacy.

Swartz's distraught family has blamed MIT and federal prosecutors for his death.

In a statement, his loved ones claimed the Boston attorney's office pursed an 'exceptionally harsh array of charges' for a supposed crime that had no victims, and MIT refused to stand up for Swartz or it's own 'cherished principles'.

'Aaron's death is not simply a personal tragedy,' his family and the 26-year-old's partner Taren Stinebricker-Kaufmann, wrote.

'It is the product of a criminal justice system rife with intimidation and prosecutorial overreach. Decisions made by officials in the Massachusetts U.S. Attorney’s office and at MIT contributed to his death.'