Australian Treasury's website for consulations and reviews had a queitly released bombshell.
Last years budget contained some waffly reference to third party reporting...Yeah well the reality is a bit "big brother". Basic gist is the ATO wants a regime where the following transactions are all reported to ATO in a manner that ties in with a tax identifier (TFN, ABN, ACN etc)
* All sale of property
* All sale of shares (improved) & listed unit trusts (new & improved)
* All merchant card transactions
Of course ATO shares its data with states too. Land tax, duty etc....
Its also feasible that rental properties could fall under this regime.
Last years budget contained some waffly reference to third party reporting...Yeah well the reality is a bit "big brother". Basic gist is the ATO wants a regime where the following transactions are all reported to ATO in a manner that ties in with a tax identifier (TFN, ABN, ACN etc)
* All sale of property
* All sale of shares (improved) & listed unit trusts (new & improved)
* All merchant card transactions
Of course ATO shares its data with states too. Land tax, duty etc....
Its also feasible that rental properties could fall under this regime.