Mawer Money with Greg Mawer: Heads Up Property Investors.
- Jo Eaton
- May 29, 2023
- 1 min read
The ATO has advised that it will acquire residential investment property loan data from authorised financial institutions for 2021/22 through 2025/26 financial years, including:
client identification details (names, addresses, phone numbers, dates of birth, etc);
account details (account numbers, BSBs, balances, commencement and end dates, etc);
transaction details (transaction date, transaction amount, etc); and
property details (addresses, etc).
The ATO estimates that records relating to approximately 1.7 million individuals will be obtained each financial year.
The principal uses of the data include “education and online services” and “data analytics and insights”, as well as to help the ATO “identify relevant cases for administrative action, including compliance activities”.
The ATO has a dedicated webpage dealing with its data-matching protocols (currently 24 in total). It states on this webpage that: “Matching external data with our own helps us to ensure that people and businesses comply with their tax and super obligations. It also helps us to detect fraud against the Commonwealth.”
Accumulate Accountants + Business Advisors is a consulting firm located in Perth, Western Australia that provides a range of successful businesses with strategic business advice, accounting and taxation services.
Contact: Greg Mawer
(08) 9364 4204
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