Do your customers pay electronically?

8 June 2018 - ATO NEWS
As part of new legislation, most electronic payments made from the start of this financial year (1 July 2017) onwards will be reported to us. These include:

• credit and debit cards
• BPAY®
• payments made through a third party payment processor
• other types of electronic payments.

The first reports will include:

• payments processed in the 2017–18 financial year
• total monthly electronic payments processed by your financial institution or payment facilitator.

What does this mean for you?
Electronic payments that your business receives from your customers will be reported to us.
We use this data to match against our records. It will also be used to pre-fill tax returns to make it quicker and easier to lodge in the future.

The information reported will be used to:

• pre-fill tax returns to make it easier for individuals and businesses to lodge
• ensure businesses comply with their tax obligations, including lodging their tax returns and reporting their income.

Find out more:

https://www.ato.gov.au/General/Business-transactions-through-payment-systems/