Income information and penalty if not declare

​The ATO receives the data of income electronically and it can get from third parties like banks. The Australian government finds the information regarding funds if it moves in and out of the country Australia with the help of AUSTRAC system and then this system will provide every detail regarding funds to the ATO. Information from ATO can be used to compare the data which is present in tax returns and if this information won’t match then the ATO will audit the respective person. If any person not declaring their foreign income will get penalties which is described by the ATO. Income in other country currency must be changed in  Australian dollars in order to disclosure of tax return. If a person paid overseas on the foreign income, then they have to claim a often in tax offset for foreign tax rather than Australian tax and this protect from double taxation paid by any individual person.