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Your accounting services in Surry Hills brings you the latest ATO news

As your small business accountants in Sydney we thought we would let you know that once again, the ATO has notified taxpayers that it will be using its new powerful data matching systems to track down potential non compliance with tax laws. In this instance the ATO will be looking at identifying motor vehicle acquisitions made during the 2011 financial year. The ATO is able to access the records of nation-wide motor registries and match this to individual income levels. Any potential issues may then result in the ATO contacting individuals for a potential review or audit. This allows the ATO to catch out those individuals who may be using undeclared income to purchase motor vehicles or those involved in the cash economy that are using undeclared business cash proceeds to acquire motor vehicles.

Technology is now at the forefront of the ATO's search to catch out those doing the wrong thing. By having the proper business structures and plans in place it may just prevent the urge to try and slip something past the ATO in the first place. Always speak with your small business accountant and they will guide you down the path to success, provided that you stick with their advice and don't get tempted by a "quick fix".

 
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