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A collection of updates, articles and papers written by The Little CFO & The Little CFO Legal

ATO to acquire AUSTRAC Transaction Report Information

The ATO will acquire AUSTRAC transaction report information data for the period of 17 June 2021 through to 30 June 2027 in order to undertake the transaction report information data-matching program.

Under the program, the ATO obtains bulk data consisting of information reported to AUSTRAC for:

๐Ÿ”ธ international funds transfer instructions

๐Ÿ”ธ threshold reports (excluding gambling)

๐Ÿ”ธ threshold reports (including gambling)

๐Ÿ”ธ solicitor transactions reports

๐Ÿ”ธ suspicious matters

๐Ÿ”ธ carry mail and physical cash

๐Ÿ”ธ bearer negotiable instruments. The data will be used by the ATO to:

๐Ÿ”น compare to our records and other data holdings, as part of the methodologies by which the ATO selects taxpayers for compliance activities

๐Ÿ”น provide insights through models and analysis that support the ATO's regulatory approach, to reduce the impact of financial crime

๐Ÿ”น design ways to make it easier for taxpayers to interact with the system and get their affairs right.

For example, AUSTRAC data showing regular large amounts of currency being transferred if a taxpayer reports negligible income.

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