Yesterday the Australian Taxation Office (“ATO”) advised that it will be collecting credit and debit card payment data from most of Australia’s financial institutions.
The data requested by the ATO will enable the matching of merchant accounts to a taxpayer. This information includes their name, contact details and both the volume and value of transactions processed between 1 July 2014 and 30 June 2015. The ATO will electronically match this data with their own records to identify possible non-compliance with taxation laws.
The list of institutions includes, but is not limited to:
- American Express
- St George
- Bendigo and Adelaide Bank
- Bank of Queensland
- Diners Club.