The ATO has advised that it is continuing its ongoing “Real property transactions 1985-2017 data matching program protocol”
It is undertaking this program to basically ensure that taxpayers are correctly meeting taxation obligations in relation to their dealings with real property, i.e., CGT on property sales and income tax on rental income.
For the period 20 September 1985 to 30 June 2017, data will be obtained from all State and Territory Revenue authorities.
Number of Records
It is estimated the total number of records that will be obtained is:
- Rental bond authorities – 1 million records for each year; and
- Revenue and land titles offices – approximately 30 million records for each year
Based on current data holding, it is estimated these records identify approximately 11.3 million unique individuals
Ref: ATO website – Real property transactions 1985-2017 data matching programme protocol
Clients need to be aware that the ATO does work behind the scenes checking rental property deductions, such as interest, rates, capital deductions, etc.
If you need any assistance with interest deductions /rates and / or capital allowance claims, call 3245 1466 or email [email protected] – we’re here to help!
