ATO now matching credit card purchases against income
ATO now matching credit card purchases against income

Just when you thought the tax man couldn’t get any busier, the ATO has recently announced that it has embarked on the assignment of matching up income declared on business tax returns against credit and debit cards records that specific banks and institutions have generated through the 2015-15 year.

This is an entirely new operation for the ATO, where the regulator will request major Australian institutions provide the online records of around 90,000 taxpayers who own businesses. The information will then be used to match up nearly a million transactions with merchant accounts, which will allow them to reconcile the actual amount with the value of transactions. The ATO says that the aim of this taskforce is to “ensure that merchants are correctly meeting their tax obligations in relation to business income. These obligations including registration, lodgement, reporting and payment responsibilities”.

The ATO is pushing for businesses to make ‘voluntary disclosures’ of any mistakes before they start the project.

The banks that will be targeted are:

American Express


Bank of Queensland

Bendigo & Adelaide Bank

BWA Merchant services


Diners Club


St George

Tyro Payments


If you have any questions or concerns regarding this, please feel free to contact us on (03) 9999 7200, or you can get in touch online here.

Disclaimer: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions.

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