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Thursday, 12 April 2012

New building industry data matching project

  1. The Tax Office has recently announced a new data matching project to identify and address non compliance with tax obligations within the building industry. The Tax Office considers data matching an effective tool in deterring, detecting and dealing with individuals or businesses participating in the cash economy.
  2. Data collected for the building services industry data matching program includes:
    • Details of individuals and businesses that held trade accounts with purchases between $10,000 and $3 million during the 2009/10 period from a major Australian warehouse chain; and
    • Complaints and/or licensing information for the 2009/10 and 2010/11 financial years from various agencies in New South Wales, Queensland and South Australia.
  3. The data will be used to identify individuals and businesses that may be running part or all of their business activities off the books.
  4. The Tax Office will also use the information to identify risks and trends of non compliant behaviour within the building industry.
  5. Individuals or businesses identified as failing to meet their obligations will either be contacted by the Tax Office audit department or through a letter asking them to explain any inconsistencies and giving them the opportunity to make a voluntary disclosure.
  6. For more information on building industry data matching, go to http://www.ato.gov.au/content/00307259.htm

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