Data matching technology set to help ATO track down foreign income left off tax returns
Summary
While the amounts might be small individually, together they are adding up to a lot," Ms Anderson said. The ATO is expecting to process a record amount of information this year, potentially making tax returns faster and easier but more quickly identifying people who are failing to declare income. More than 112,000 tax returns have already been auto-adjusted using compliance systems in July and August, recouping $53 million. In July, the ATO revealed that the scale of profit shifting by multinationals is being dwarfed by tax-avoiding wage earners. The ATO received $130 million in new four-year funding from the May budget to ramp up income-matching measures and audits to track down unpaid tax from foreign income, distributions from partnerships and capital gains information for property and shares.