In Australia, the ATO data matching technology is now being widely used. The ATO is launching the technology to throw lights on the individuals who have undeclared income which they are hiding from their tax returns. Moreover, this system has opened a fresh opportunity to get hold some people who have hidden their undeclared amount and collect those taxes from those Australians.
ATO Data Matching:
The ATO data matching is the best two-step process, 1) The ATO collects all the information about the Taxpayers. This is the ATO pulling in data information from your staffs, your all financial institutions and bank, BAS statements.and the property information your state, 2) if you have any undeclared income, the ATO will easily deduct it. The ATO compares all your information in data against in your tax return. Your information to provide the Australian bank and other institutions are legally required to do, now the ATo has reached this extending overseas as well. Nobody any imagine that his or her financial a secret the ATO can’t find out.