The Commissioner has announced another data matching program, but this is one is a bit different.
The Australian Taxation Office will acquire details of entities from State and Territory motor vehicle registries for the 2013-2014, 2014-2015 and 2015-2016 financial years. And with these 2 million records (they are only looking at cars greater than $10,000 market value) they will do the following.
“… Use the motor vehicle purchaser’s data as an indicator of risk, along with other data holdings, to identify taxpayers that have purchased vehicles with values that are not commensurate with the income they have reported”
So if you have been hiding your income from the Tax Office, don’t use it to buy a flashy car… Or anything else that the Commissioner can data match like property, investments or bank accounts.
And for the creative lawyers the Commissioner will be looking for where related parties or owned entities buy the flashy car as well…
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