One of the approaches the ATO uses to ensure compliance is data matching. What is it...

One of the approaches the ATO uses to ensure compliance is data matching. What is it and how does maintaining records assist the taxpayer in complying with the requirements of the ATO? 80–120 words

In contect of Australia , Please do not copy paste from other source

Expert Solution

ATO ( Australian Taxation Office)

The ATO receives data from banks , financial institutions ,and other goverment agencies. Some organisations (such as banks, employers and health insurers) have a legal obligation to report information to the ATO.The ATO matchs the data received against their own information to identify where people and businesses may not be reporting all their income. Data-matching activities, assists taxpayers in preparing complete and accurate tax returns. Where a person has made an error due to poor record keeping or a misunderstanding of the law, the ATO works with them to correct their tax return and to improve their understanding of their obligations. If the ATO identifies any descripency they contact the person about the discrepancy and provide with details and the data that's been matched. The person then can their records. The mistake may be in the form of:-

omitted interest and income
government payments
capital gains tax from the disposal of shares and property
taxable government grants and payments
OR any other .

ekkarill92 answered 1 year ago

One of the approaches the IRC (Internal Revenue Commission) uses to ensure compliance is data matching....

One of the approaches the IRC (Internal Revenue Commission) uses to ensure compliance is data matching. What is it and how does maintaining records assist the taxpayer in complying with the requirements of the IRC? (80-120 words)

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