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My bank and ATO in bed together?

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tax agent showed me my refund docs and saw my interest earnt from my bank in tax office communication to my tax agent? I never told her that and how can tax office peek into my bank account?

now looking for bank that doesnt give away my private info - any ideas how to stop this? - something to do with me providing my tax file number to my bank i think.
 

Julia

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tax agent showed me my refund docs and saw my interest earnt from my bank in tax office communication to my tax agent? I never told her that and how can tax office peek into my bank account?

now looking for bank that doesnt give away my private info - any ideas how to stop this? - something to do with me providing my tax file number to my bank i think.
Robusta is correct. Why, if you'd been honestly reporting your interest earned on your tax return, do you have any problem with the tax office having access to this information?

Given the number of people who under-report their income, why wouldn't you expect the ATO to be checking?
 

So_Cynical

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LOL dingdong...you obviously haven't done your own tax with E-tax, it has a auto complete facility that automatically fills out the interest earned and dividends paid fields...its like they already know. :rolleyes:
 
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Its not that i dont want them to know but I dont like people having my information without my permission.

if i dont give my bank my abn then they cant ring through my interest - right?

its the bank doing it, not the ato.
 
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What is irritating is that the gu'mint( via the ATO) can examine your affairs to the nth degree, yet distribute the proceeds unchecked and with such wanton waste.
 
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tax agent showed me my refund docs and saw my interest earnt from my bank in tax office communication to my tax agent? I never told her that and how can tax office peek into my bank account?

now looking for bank that doesnt give away my private info - any ideas how to stop this? - something to do with me providing my tax file number to my bank i think.

precisely dingdong - open a new account elsewhere, dont quote the tax file number, and the bank will, repeat will, take tax from your interest at 46.5%.
you then report your interest & tax to your accountant, happy in the knowledge he/she didnt know beforehand, and its all reconciled then, maybe getting a refund of some or all of the tax.

It's called data matching the ATO is very powerful and has a lot of informatoin available to them.

all financial instos, share registries, fund managers, employers, pretty much anyone having your tax file number or anyone withholding tax has to by law report the information ASAP after June 30.

Some people don't trust the ATO some don't trust the Treasury.

some people are paranoid !!

Its not that i dont want them to know but I dont like people having my information without my permission.

if i dont give my bank my abn then they cant ring through my interest - right?

its the bank doing it, not the ato.

check the fine print when you open the account - likely info there regarding providing your TFN and the consequences of doing so or not.

What is irritating is that the gu'mint( via the ATO) can examine your affairs to the nth degree, yet distribute the proceeds unchecked and with such wanton waste.

oh good - steer the discussion towards your dislike of the current government. isnt there a thread for that ?
 
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Can you please detail where I mentioned the "current" government? :rolleyes:

:banghead:

apologies wayneL - with stock forums rife with political opinion (i wont call it discussion as its dominated by either right wing blindness or left wing stupidity) i assumed yours was simply yet another rant regarding levels of debt/wasted stimulus.
 
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(i wont call it discussion as its dominated by either right wing blindness or left wing stupidity) .

Some see it as right wing stupidity and left wing blindness. Each are entitled to their own opinion. Each are entitled also to respect. That is what is lacking here at times. We are all idiots in the eyes of someone sometime. :topic
 
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