All You Need To Know About The ATO’s Investigation On Tax Returns Broome And Financial Records – And How You Lodged Tax Return Online Or Offline

Have you heard about the Australian Taxation Office investigating the financial records of 10 million Australian taxpayers? Yes, you’ve heard that right – everyone will go under the microscope in the coming months.

What happens if you get audited by the ATO:
Whether you have lodged your tax return online or offline, the ATO will check your financial records to see if you have correctly declared your income and expenses.

If the ATO discovers that you have not declared all of your sources of income, you can be in trouble. They will re-assess your tax returns Broome from the past years. Then, they might issue you with a financial penalty.

What to do if you are being audited:
If in case you have some extra income you have not declared, or you are not sure whether everything you have claimed was accurate and correct – you might want to consider using the professional services of a tax accountant as soon as possible.

The best way to address such a situation is to let a registered tax accountant sort things out for you by lodging an amended tax return online or offline. This is to correct any errors on your behalf. Doing this will most likely work to your favour as the ATO does not tolerate taxpayers who deliberately try to cheat or deceive the system.

What the ATO looks for:

1. Credit Cards
The Australian Taxation Office has requested credit card records from 10 major banks. This is so they can learn more about the spending and finances of Australian taxpayers.

2. Vehicles
If in the past two years, you have bought a vehicle that is worth more than $10,000 – these details will be handed over to the ATO. This will help the ATO identify people who have the ability to spend more than what they have declared in their tax returns Broome.

3. eBay Sellers
Ebay is another avenue that ATO is taking over to have a closer look at the people who sell on online and don’t declare their enormous income. If your eBay earnings is more than $20,000, you should have included this in your tax return. If not, ATO will eventually find out.

4. Capital Gains
In Queensland, the ATO collects details from the Office of State Revenue and the Residential Tenancies Authority to cross reference any capital gains that taxpayers may have not declared when they lodged their tax return online or offline.

5. Welfare Cheats
Taxpayers who receive government payments will always be under the ATO’s microscope. This is especially true if you have other income on the side. So, you should be careful with how you prepare and lodge your tax returns Broome.

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