06/09/2024
ATO DATA MATCHING PROGRAM (p2)
Gazette Notice: Commissioner of Taxation - Notice of a Property Management Data-Matching Program 26 August2024
The Australian Taxation Office (ATO) will collect property management data from software companies for the years 2018-19 to 2025-26. This will include records for around 2.3 million individuals each year.
The Objectives Of This Program Are To:
1) Identify and educate individuals and businesses who may be failing to meet their registration or lodgment obligations and help them:
-lodge their income tax returns
-correctly report assessable income from a rental property in their
- individual income tax return
- comply with capital gains tax obligations for properties used to derive rental income.
-Correctly report associated rental deductions in their individual income tax return.
2) Gain insights to help develop and implement strategies, which may include educational or compliance activities for individuals and businesses who lease or let real property.
3) Promote voluntary compliance and increase community confidence in the integrity of the tax and super systems.
If you are unsure how it applies to you, feel free to contact us.
Savvi Accounting Savvi Global Martienne Luz Angelique