CREDIT & DEBIT CARD DATA MATCHING

The ATO has obtained the 2011-2012 debit and credit card merchant sales data for Australian businesses from all major banks and credit card providers.

The aim of this ATO data matching program is to ensure that businesses are declaring all their income and to help the ATO increase their understanding of business behaviours and create compliance profiles. Any business which is identified as potentially not-reporting all their income should review their BAS and income tax lodgements and make a voluntary disclosure of any under-reported amounts.