The Australian Taxation Office has announced plans to acquire details of all property transactions since 1985, which will cover about 900 million records relating to 11.3 million individuals.

 

The information will come from revenue offices, lands departments and rental bond authorities in all states and territories. The aim is to cross-check data to ensure everyone has met their tax obligations.

 

Intermediaries such as agents may be consulted so authorities can “obtain an understanding of the risks and issues, as well as trends of non-compliance”, according to the ATO.

 

“During the 2014-15 financial year, the ATO identified over 8,000 cases where real property dealings had not been treated correctly and raised an additional $161 million in revenue,” it said. “This demonstrates the effectiveness of this program in protecting public revenue.”.

 

H&R Block’s director of tax communications, Mark Chapman, said this program will affect anyone who has bought, sold or rented out a property over the last 30 years.