Declare, declare, declare, we just can’t say it enough.
A reminder that when it comes to your individual tax return, you really need to be dotting your i’s and crossing your t’s, or the ATO will catch up with you.
We have been reminded again just recently that the ATO’s improved data matching means you really need to be absolutely scrupulous – don’t just think it’s too small to matter, or too hard to work out, these sophisticated data matching tools WILL catch you out.
Please ensure you declare all:
- Business income.
- Interest earned.
- Rental income earned on ALL properties.
- ANY private income you have earned.
Want to know just how far the ATO is going? The ATO has announced it is in the process of acquiring rental bond data from September 20 1985, to June 30 2020, from the relevant bodies in each state and territory. The data collected will be matched to find taxpayers who have earned income from rental properties and not declared.