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ATO data matching blitz targets small business merchant credit card sales

In an unprecedented first for small business tax compliance, the Tax Office has revealed it will chase up incorrectly disclosed income and match it to credit card and debit card records throughout the 2014-15 financial year.

As part of the blitz, the Tax Office will ask major Australian financial institutions for the online purchase details of around 90,000 business-owning taxpayers.

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