The Australian Taxation Office is now assessing the taxation compliance from online sales made by businesses and individuals. The ATO has obtained data from classifieds site Trading Post Australia and the highly popular auction and shopping website eBay.
Under the program the ATO will identify and assess members of the websites who have sold in excess of $20,000 over the past three financial years. The ATO will use numerous methods to match online accounts to people including Tax File Numbers (TFN), Australian Business Numbers (ABN), addresses and dates of birth.
The aim of the data-matching is to identify businesses and individuals who have failed to report their full income or are running parts of their business off the books. Anyone who may have understated their taxable income over the past three financial years can make a voluntary disclosure which can reduce penalties by up to 80 percent.
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