ATO Rides the Wave of Data: Stay in the Know about Ride Sourcing Tax Obligations
Attention, ride sourcing providers! The ATO is stepping up its game with a data-matching program set to acquire valuable information from approximately 200,000 individuals. If you’ve been involved in providing ride sourcing services during the 2022/23 financial year, it’s time to pay attention.
Here’s what you need to know about the ATO’s data-matching program:
1️⃣ Information on Steroids: The data acquisition will cover crucial identification details like driver identifiers, ABNs, names, birth dates, contact information, and addresses. Additionally, transaction details, including bank account information, aggregated payment details, gross fares, net amounts paid to drivers, and other income subject to GST, will be scrutinized.
2️⃣ Tax Obligations Unveiled: The acquired data will be used to identify and educate ride sourcing providers about their tax obligations. The ATO aims to enhance awareness through information campaigns, ensuring everyone is on the same page when it comes to compliance.
3️⃣ Insights for Compliance: The intelligence gathered will provide the ATO with a better understanding of behaviors and compliance profiles within the ride sourcing industry. This valuable information may also play a role in selecting taxpayers for future compliance activities.
Stay informed, stay compliant! We’re here to help you navigate the world of ride sourcing and ensure your tax obligations are met. Reach out to our expert team for guidance and support.
Buckle up for a smoother ride towards compliance and financial peace of mind!
#RideSourcingAlert #ATODatamatching #TaxObligations #StayCompliant #YourAccountingPartner
