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I think it's all bluff, I know people that haven't declared rental income for more than 12 years and are not worried at all about being caught. It's annoying when you declare everything and pay tax on it to see those that don't get away with it.

The ATO loses billions in revenue due to undeclared rental income, most of which is channelled via real estate agents. All they have to do to combat this is to do what the UK does, require agents to report rental income. Listening ATO?