The ATO has turned its focus on one of the best performing industries in the last three years, real estate. To ensure the ATO has collected its fair share of tax on increasing property prices in recent years the ATO has requested 32 years’ worth of real estate transaction data be provided to them for data matching.
The details of the request are available in the Australian Government Gazette. In the request the ATO has demanded records from state and land title authorities going back to 1985. The information requested covers property sales, valuations, transfers and subdivisions. In addition to this the ATO has also requested details of leased properties to check for rental amounts, leased amounts and landlord details. Overall there is an estimated 31 million records to be provided to the ATO.
The information would be used to review compliance with foreign ownership laws, Centrelink benefits and tax compliance.
If you would like any further information about the ATO’s data matching program or would like a review of your real estate portfolio and compliance please contact one of our North Sydney accountants, Chatswood accountants or Crows Nest accountants here.