This article is from the Australian Property Journal archive
THE Australian Taxation Office is set to trawl through decade old information in a bid to update its data matching records to target people avoiding their property tax obligations.
Tax Commissioner Michael D’Ascenzo said state and territory authorities will be asked to provide updated identity and transaction details relating to property title transfers between 1 July 1999 and 30 June 2010.
And this updated information will be matched to identify non-compliance with capital gains tax, income tax and goods and services tax obligations.
“The ATO continues to identify people who deliberately under report income or participate in the cash economy to hide income and evade tax their obligations.
“Information previously obtained from state and territory authorities about transfers or purchases of motor vehicles and real property will be updated as part of ongoing data matching activities,” he added.
D’Ascenzo said the ATO wants to ensure tax payers are correctly accounting for their property transactions.
“The information will help us identify people who may have incorrectly reported or not included capital gains tax, income or GST in their income tax and business activity statements,” he concluded.
Australian Property Journal
