Navigating ATO’s Online Selling Data-Matching Programme: What You Need to Know (Sep 24 Tax Update)

Relevant For:

Online sellers.

Key Points:

• ATO to collect sales data from online platforms from 2023–24 to 2025–26.
• Focus on account details (individuals and non-individuals) and account specifics.
• Up to 30,000 records yearly; around half match individuals.
• Sellers should ensure accurate records, report all income and consider professional advice to stay compliant.

Full Article:

The Australian Taxation Office (ATO) has recently rolled out an initiative that could significantly impact online sellers. Between 2023–24 and 2025–26, the ATO will be collecting sales data from online selling platforms to ensure tax compliance. This is not merely a routine check; it's an in-depth analysis aimed at identifying discrepancies in income reporting.

What Does This Mean for You?