Treasury Consultation Warning

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.
 
Its also feasible that rental properties could fall under this regime.
This would be an excellent move, perhaps RE agents would have to report rental income.
Currently there is a lot of black income from unreported rents since the ATO has no way to track it.
 
Having a system of bond registration legitimises the rental market for those owners doing it by the books. Unregistered bonds supported by those getting cash rental payments will fly under the radar regardless.

Until it becomes mandatory for all transactors to issue a receipt as proof of the transaction (rigidly enforced with fines to both parties not being able to provide evidence) then the black economy will continue to flourish. This would apply to all transactions not just rents or where gst applies.
 
I think that in this day and age, anyone thinking they can get away without paying tax by flying under the radar needs their head examined. Sooner or later they will catch up with you. It's best to be honest and declare all your earnings. When you write that cheque, just think how well the gubment spend your money for you and you will be happy to pay all this tax!
 
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.

Let's see - I've got just the name for it - the Australia Card.

Seriously the ATO can track most of this info anyway. The number would just tie it in more easily. Thank goodness we've got a Liberal Government that stands up for people's liberties. First step should be for politicians to declare all trips on the public purse and how they fit into business.
 
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)

Don't they already have access to this? Each year my accountant downloads from ATO site the amount of interest I've earned plus any shares I've bought and sold from the or dividends earned.
 
We do get a list of dividends and bank interest but it is often incomplete or not all available if the client comes in early in July.

We get some managed funds but again it is almost always incomplete and they don't show up until end of August or so.

Regarding share sales, they are getting better but the only info we get in number of shares and the sale date.

Nothing on property sales as yet.

Keep in mind that these reports are only available for individuals so for those people who run their share and property portfolios in a trust, we get none of this information from the ATO.
 
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