Just a quick heads-up about something important from the ATO that could impact your business. They're stepping up their data-matching game, specifically around motor vehicle registries.

The ATO is acquiring motor vehicle registries data from state and territory authorities from the 2026 to the 2030 income years. They'll be cross-referencing this with their own records to spot any discrepancies in tax obligations – things like GST, FBT, fuel tax credits, and income tax.

This data includes everything from who bought and sold vehicles, transaction dates, sale prices, and even intended use. With 2.5 million individuals' data collected each year, it's clear they're serious about compliance.

The key takeaway here is to ensure your vehicle-related records are always accurate and up-to-date. If you have any questions about how this might affect your specific situation, please don't hesitate to reach out.

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Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.