The ATO is going to use data from the State and Territory registering bodies (e.g. Vic Roads, RTA (NSW), etc.) on all motor vehicles sold, transferred or newly registered in the 2010-11 financial year with a market value of $10,000 to help identify individuals and businesses who may be underreporting their income. The ATO is looking particularly for:
- taxpayers whose expenditure is in excess of their reported income and therefore may be skimming some or all of their cash takings, running part of their business 'off-the-books', or in other ways not reporting all their income; and
- businesses that sell vehicles and do not report, or that under-report, those sales.
The ATO will also use this information to investigate non-compliance in the areas of:
- income tax
- superannuation
- goods and services tax
- fringe benefits tax
- luxury car tax.
Vehicle sales and registration information to be used to ID tax violators