ATO makes takes steps to simplify tax returns

The Australian Taxation Office may speed up some elements of the process of completing tax returns, by automatically including data supplied from banks on the amount of interest earned by taxpayers. The ATO would do this only for tax returns prepared online using the eTax software from the tax office. The ATO collects this data from banks each year for data matching purposes. The ATO plans to expand the program from next year to include data from managed funds and share registries, so that dividend information can be pre-filled for taxpayers who choose the online service.