The purpose of the program is to ensure taxpayers are meeting their obligations in regards to rental income and Capital Gains Tax (CGT) on the sale of rental properties.
Transactions are being obtained dating back to 20 September, 1985 (the start date of CGT) from the various state and territory land and planning departments as well as bond authorities and it is estimated that as many as 31 million transactions may be identified each year!
One example of the benefit to government coffers is 2014/15 when 8,000 cases were found to have not been treated correctly resulting in an additional $161 million in revenue!*
If you have any concerns regarding your rental property, please get in touch.
*source NTAA The Voice issue 255