The ATO is expanding its data matching program to include rental property bond data dating back to 20 September 1985 (the introduction of the CGT regime).
This announcement reinforces the ATO’s intentions to crack down on expenses claimed back by individuals on their annual tax returns in an attempt to claw back millions. This data will assist the ATO identifying individuals who have income tax reporting obligations for income producing properties or have a CGT event arising from the sale of real estate property for the period from 20 September 1985 to the current 2019/20 financial years.
The data collected “will be electronically matched with certain sections of the ATO data holding to identify taxpayers that can be provided with tailored information to help them meet their tax obligations, or to ensure compliance with taxation law.”
If you have any questions please contact Paris Financial on 03 8393 1000.