WARNING – The Residential Investment Property Loan Data-Matching Program

The ATO has advised that it will acquire residential investment property loan data from authorised financial institutions for the 2021/22 through to 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.”

If you have an investment property loan you can expect to be contacted by the ATO.

Please contact our Team on 55612643 if you have any queries.

Have a great day!

Read more of our daily blogs for valuable insights and stay up-to-date with the latest industry news – click here to access the full article on our blog page.

Share This

Related Posts

Featured
4 Min Read

Minimum Yearly Repayments on Division 7A Loans

Hello Chasers, If you have not fully paid your trust distribution to your ‘bucket company’ beneficiary or drawn out more money from your business than permitted without paying tax, then you will be very familiar with…
Read Full Article
Featured
4 Min Read

Book Like a Boss

Hello Chasers, Ever feel like your schedule is a tangled mess of phone calls, emails, and frantic juggling game with people showing up at the wrong time or not showing at all ? Yeah, we’ve all…
Read Full Article