Match Data on Loans for Residential Investment Properties
The Australian Taxation Office (ATO) has announced the implementation of a comprehensive data-matching program to obtain residential investment property loan data from authorised financial institutions. This program will cover the financial years from 2021/22 to 2025/26, aiming to gather essential information for effective tax compliance and administrative actions.
The data to be acquired includes details related to clients and investment properties. This encompasses client identification information like names, addresses, phone numbers and dates of birth. The ATO will gather account details such as account balances, BSBs, commencement and end dates, as well as transaction information along with property details, including addresses.
It is estimated that approximately 1.7 million individuals’ records will be obtained each financial year through this initiative. The ATO intends to utilise this data for multiple purposes, including educational initiatives, online services, data analytics and insights. Moreover, it will aid in identifying cases requiring administrative action, including compliance activities, to ensure tax obligations are met.
To streamline the data-matching process, the ATO has established a dedicated webpage specifically addressing its data-matching protocols. Currently, there are a total of 24 protocols in place. The ATO emphasises that matching external data with their existing records enhances their ability to ensure individuals and businesses comply with their tax and super obligations. Furthermore, this data integration plays a crucial role in detecting fraud against the Commonwealth.
The ATO remains committed to leveraging technology and data analytics to enhance its enforcement capabilities, ensure fairness in tax compliance and protect the integrity of the taxation system. This data-matching program for residential investment property loans is part of its ongoing efforts to identify and address potential compliance risks and take appropriate administrative actions.