Identity Theft

Private Use of Business Assets
July 9, 2016
Succession planning
July 9, 2016

Identity Theft: The Taxman Can Help!

The risk these days of identity fraud is extremely real due to which the ATO provides a Client Identity Support Centre (Click Here) to assist taxpayers who may have had their identities compromised or misused.

The ATO states that it is going to give every guidance it can, and will offer information, facts and assistance to help individuals re-establish a stolen identity. If individuals think their tax file number (TFN) might have been affected, they are encouraged to contact the support centre on 1800 467 033 (8am – 6pm Monday – Friday).

Compromised TFNs

Your TFN is required to identify you with your dealings with the ATO. In the event you have dispose of or recycle any data or any other papers, the ATO’s suggestion is to always destroy or erase your TFN from all of these files beforehand, since the TFN along with other personal data may be used to lodge income tax returns as well as other tax forms.

The very first step is always to make sure that you haven’t merely temporarily misplaced your TFN, instead of presuming it may be misused. And watch out for any signs that suspicious activity might be underway. For instance, inform the ATO in case you have received a notice of assessment in regards to a tax return you have not yet lodged.

If your TFN is compromised, the initial steps the ATO is going to take is to re-establish and verify your identification with you as well as verify your tax records. Other measures will be determined by your circumstances and situation.

Re-Establish and Verify Your Identification

You may have to re-establish your identification by supplying the ATO with evidence — this might include things like specifics of private information, like your birth date, postal and physical address, bank-account details, or TFN in case you have that listed elsewhere. You might also have to supply the Tax Office with details sourced from identification documents, say for example a prior notice of assessment you might have filed aside.

“We may possibly request original or certified copies of your identity, based upon your circumstances,” the ATO stated. “If you’ve established a secret question and answer with us, we might request that information as a part of course of action to re-establish your identification.”

After original or certified copies of paperwork have been provided to the ATO, it will require to verify the credibility of the identity documents, which might take a few weeks.

Examine Your Tax Information

After your personal information have been verified, the ATO will examine your tax records by checking out:

  • TFN declarations,
  • Income tax returns (earnings reported, bank accounts used, tax agents engaged as well as other information),
  • Australian business numbers (ABNs) – any application lodged or the use of ABN, and
  • Employer superannuation guarantee payments made.

The revenue collection bureau could request you to verify the data on record so that it can establish which activity is yours, and which are those from someone else who might be working with your TFN.

The duration of the investigation may vary based upon the extent of information that is on file, whether or not someone else has in fact used your TFN, and just how straightforward it is to verify credibility.

Feel free to contact Tax Accountants Cranbourne on 1300 300 106 for further information.