Has anyone used the Pre-Filling feature of eTax? It is supposed to automatically load certain information into your tax return by the ATO using the data supplied by companies that must report such information to the ATO. For example, bank interest and company dividends.
I had been reading a lot recently about the ATO's fantastic new computer system that is able to match tax data reported by individuals or companies with what the real data should be, using sophisticated cross-checking features that utilises data from many sources such as from banks and government agencies. Apparently it has led to a huge increase in detection of incorrect submissions.
I decided to use it for the first time this year and was shocked, though in a way delighted, to find that it was utterly useless in my case in acquiring the external information. For instance, for my bank interest, it completely missed about 8 of my 10 or so accounts, and in particular missed the accounts that I use specifically for earning interest (online savings). All my accounts have my tax file number. For dividends, it again missed about 80% of the dividends I received. It was so inaccurate that it was easier to turn the feature off and manually enter than correct the mistakes.