New Data-Matching Technology to Scrutinise Property Sales
ATO’s newest weapon against tax evasion – data-matching technology. 10.4 million taxpayers will face scrutiny regarding their residential and commercial property sales with the Australian Tax Office. ATO is more than eager to implement their high-tech data gathering computer systems worth $800 million.
Larry Schlesinger from Property Observer highlights the things that this new data-matching technology can do to ensure that taxpayers are paying their taxes correctly. With the help of this new technology, ATO can gather large amount of data and “slice-and-dice” that data to get the information they need.
Last year, the technology was used to help ATO analyse 649 million transactions according to the Australian Financial Review. ATO’s implementation plan for this new technology is for 7 years. Surely, more and more transactions will be scrutinised over that period of time.
Read the whole article here to know more about how powerful this new technology is.
What do you think of this new technology?