With the Tax Season now well under way we thought its a great time to share a few of the current issues we are seeing –
Real property transactions – Data matching program
The ATO has announced that it will acquire details of real property transactions for the period 20 September 1985 to 30 June 2017 from State and Territory revenue and land titles departments and offices and rental bond authorities in every State and Territory in Australia: Australian Government Gazette No C2015G02019 (8 December 2015).
The objectives of this data matching program are to:
- obtain intelligence about the acquisition and disposal of real property and identify risks and trends of non-compliance across the broader compliance program;
- identify a range of compliance activities appropriate to address risks with real property transactions by taxpayers;
- work with real property intermediaries to obtain an understanding of the risks and issues, as well as trends of non-compliance;
- gain support and input into compliance strategies to minimise future risk to revenue;
- promote voluntary compliance and strengthen community confidence in the integrity of the tax system by publicising the outcomes of the data matching program; and
- ensure compliance with registration, lodgment, correct reporting and payment of taxation and superannuation obligations.
Income from the 2015 tax year
Currently the ATO is reconciling the income from the 2015 tax year against individual returns so if you missed some bank interest or a group certificate then you can expect a letter fairly shortly (if not already received) generally this is nothing to worry about but if you are concerned or beleive the information in the letter is wrong please get in contact ASAP for some tax advice.
If you would like to discuss these changes and how they effect you further please contact us below:
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