ATO Targeting Investment Property Dealings

The ATO has launched a program to ensure that taxpayers are correctly meeting their tax and other obligations.

The collection of information includes, landlords’ names, rental periods, rental bond amounts, payable rents, dates of property trans relating to property, by obtaining information on all taxpayers as far back as 1985.

The information collected will be matched with the information that the ATO already holds on the 11.3 million individual taxpayers and the tax returns that they have lodged.sfers, names of transferors and tranferees and the valuation details.

If you think that you may have understated/undeclared income or gains, or have over claimed expenses in the past 30 years, you should visit your tax agent. It is now simple for the ATO to build a picture of property related transactions, a voluntary disclosure before the ATO comes to talk to you, is far better than the penalties that will arise from the audit that may take place.

For further information on investment/rental properties contact Absolute Accounting Solutions on 1300 488 330