15 Aug 2019 Latest ATO news
ATO watching for foreign income this Tax Time
The ATO is urging taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time. New international data sharing agreements allow the ATO to track money across borders and identify individuals not meeting their obligations.
“This year, the ATO has received records relating to more than 1.6 million off-shore accounts holding over $100 billion and is now using data-matching and sophisticated analytics to identify foreign income that has not been reported,” Assistant Commissioner Karen Foat said.
Read more here.
$10 billion back in your hands
$10 billion dollars has been refunded to Australian taxpayers so far this tax time, an increase of over $2 billion from this time last year, with most returns being processed in under two weeks.
Australian Taxation Office (ATO) Assistant Commissioner Karen Foat highlighted that the ATO seeks to process returns as soon as possible, announcing that over 4 million refunds have already been sent out, compared to over 3 million refunds issued this time last year.
Read more here.
Too smart to be scammed?
Many Australians believe they would never fall victim to a scam and could confidently spot one or know what to do if they were targeted. However, scammers are becoming more sophisticated in their attempts to trick people into paying money or providing personal information.
Help your clients protect themselves from scammers during Scams Awareness Week 12-16 August. Let them know that the ATO will never:
- call demanding immediate payment or threaten them with arrest
- conference call in a third party such as tax agents or law enforcement
- prevent them from discussing their tax affairs with you or a trusted advisor
- request payment of a debt via iTunes, Google Play cards, other vouchers or cryptocurrency
- ask them to pay their tax debt into a bank account not held by the Reserve Bank of Australia.
Find out more here.
Find out how the ATO protects your personal information, how you can help ensure your online transactions with the ATO are safe, and how to report a suspected scam or fraudulent activity.