Data matching of property transactions
The ATO has provided notice of a data matching program which will focus on real property transactions.
The ATO will be obtaining details of real property transactions from 20 September 1985 (i.e, when the CGT regime was introduced) to 30 June 2017 from all the state revenue and land title offices as well as all the rental bond authorities around Australia. It is expected that around 31 million records will be obtained in relation to each year covered by the program.
The ATO will use this information to obtain intelligence about the purchase and disposal of property in order to identify risks and trends of non-compliance. The ATO will also use the data to customise compliance activities in order to address risks that are specific to real property transactions.
For more information or to find out how to ensure your property record keeping is in good stead, contact us on 9957 4033.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.