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. The ATO is asking taxpayers receiving foreign incomes to make sure they report it this tax time.

The exterior of the Australian Government 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.

Australian Tax Leader from Chartered Accountants Australia and New Zealand, Michael Croker, says the ATO will be using this data.