The tax office has obtained or will obtain data identifying all motor vehicles sold, transferred or newly registered in the 2011/12 and 2012/13 income years where the transfer and/or market value is $10,000 or greater from the various state and territory motor vehicle registering bodies.
The data obtained will be matched against tax payer records to identify those participating in the cash economy, and/or those who may not be declaring all their income or deliberately avoiding their tax obligations.
The tax office is already matching interest, wages, and dividend data declared by the taxpayers against data provided by employers, banks and share registries.
This measure is aiming at identifying those skimming some or all of their cash takings, running part of their business "of-the-books", or in other ways not reporting all their income.
BY SURESH RAJANI
Suresh Rajani is
the Business Leader at TAX FIRST (NSW) & TAX FIRST (SA) - accounting and business advisory firms located in Sydney and Adelaide.
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