ATO data matching program — credit and debit cards
The ATO has given notice that it will continue to annually acquire data from credit and debit card providers relating to payments to businesses. The ATO will obtain data for the 2015/16 and 2016/17 income years on the identifying details of merchants with credit and debit card merchant facility and the amount and quantity of the transactions processed. Data will be acquired from the following sources:
“The ATO will continue to annually acquire data from credit and debit card providers relating to payments received by businesses to assist in identifying income reporting discrepancies.”
- American Express Australia Limited
- Australia and New Zealand Banking Group Limited
- Bank of Queensland Limited
- Bendigo and Adelaide Bank Limited
- First Data Merchant Solutions Australia Pty Ltd (previously BWA Merchant Services Pty Ltd)
- Commonwealth Bank of Australia
- Diners Club Australia
- National Australia Bank Limited
- St George Bank
- Suncorp-Metway Limited
- Tyro Payments Limited, and
- Westpac Banking Corporation.
If you have any questions or enquires, please contact:
Norman Ruan
Accountant
T: 02 9984 7774
E: normanr@northadvisory.com.au
Martin van der Saag
Director
T: 02 9984 7774
E: martinv@northadvisory.com.au
“Data matching of credit and debit card transactions helps ensure that businesses are correctly reporting their income and meeting their tax, GST and lodging obligations.”
About the author
Cayle Petritsch - Director & Wealth Advisor
Cayle Petritsch, Director and Wealth Advisor, works with our existing clients who have recognised the importance of business owners making strategic financial choices not only for their company, but for their personal finances too.
Cayle saw a great opportunity to expand North Advisory’s services into SMSF/superannuation, personal wealth management, asset protection services and other crucial personal finance facets that business owners need to consider.
His approach to wealth management allows you to receive highly personalised wealth advice. Working closely with Marius, Cayle understands the unique needs of every client, from their lifestyle and business goals to their retirement plans.
Key Takeaways
The ATO’s credit and debit card data-matching program is part of broader efforts to improve tax compliance.
By analysing payment data from financial institutions, the ATO can compare expected turnover with what businesses report.
Data from card transactions helps the ATO identify unreported or under-reported business income.
Matching this external data with returns highlights inconsistencies for further review.
The program runs annually and focuses on actual payment data rather than individual cardholder details.
The ATO collects aggregated merchant payment data, not personal information about customers.
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Frequently Asked Questions
What is the ATO’s credit and debit card data-matching program?
The ATO’s credit and debit card data-matching program is a specific data-matching activity where the ATO collects information from banks and financial institutions on credit and debit card payments received by Australian businesses, and matches it with reported income to identify potential discrepancies.
Why does the ATO match credit and debit card transaction data?
The program aims to check that businesses are accurately reporting their income, including turnover for tax and GST purposes, and to identify cases where income may have been under-reported or omitted entirely.
What kinds of data are collected in the program?
The data collected includes details of the merchant, transaction amounts and the number of transactions processed through credit and debit cards by businesses. This data helps the ATO form a clearer picture of business activity.
How often does this data matching occur?
The ATO acquires and matches credit and debit card data annually for specific financial years as part of ongoing compliance and assurance activities.
What happens if the ATO finds differences between matched data and reported income?
If discrepancies are identified, the ATO may contact the business to review its records, assist with understanding obligations, or pursue further compliance action if necessary. Ensuring accuracy can reduce the risk of audits or adjustments.
Who was impacted by the removal of the voluntary repayment bonus?
The article explains it impacts all past and present students who want to reduce their HELP/HECS debt through voluntary repayments.
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