The ATO will acquire details of real property transactions for the period of 20 September 1985 to 30 June 2017 from various sources, including state revenue offices, rental bond authorities and land title offices. Data items that will be obtained include names of landlords, lease periods, amounts of rental bond, rents payable, dates of property transfers, names of transferors and transferees and valuation details.
It expects to match over 30 million records with its records of 11.3 million individuals to ensure taxpayers are correctly meeting tax and other obligations in relation to their real property dealings.
How does this affect you?
Needless to say this will not just be about rental, but also any Capital Gains Tax that might have been overlooked on sales. To ensure you’re not adversely affected, contact us today on (03) 8888 4000 or email@example.com.