Families urged to report foreign incomes to Tax Office

New international data sharing agreements are allowing the Australian Taxation Office (ATO) to track money across borders and identify individuals not meeting their obligations. The A-T-O is asking taxpayers receiving foreign incomes to make sure they report it this tax time. They are concerned about Australians who are unsure about how the system works.

The Australian Taxation Office in Sydney. Source: AAP

The Australian Taxation Office has struck a data-sharing deal with more than 65 countries. Under the new Common Reporting Standard, the Australian Taxation Office has discovered more than 1.6 million off-shore accounts, holding more than  100 billion dollars. The data shows many Australians have financial dealings in countries like China, Singapore and the United States.

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