The Australian Taxation Office (ATO) will intensify its data-matching program to identify landlords who have not declared rental income accurately or at all. The initiative aims to recover an estimated $1.2 billion in unpaid revenue.
The Australian Taxation Office ( ATO ) is intensifying its efforts to recover an estimated $1.2 billion in unpaid rental income. The agency will leverage a comprehensive data-matching program to scrutinize rental bond information against tax returns. This initiative aims to identify landlords who have either failed to declare rental income or inaccurately reported their earnings.
The ATO emphasizes that the program is designed to ensure compliance with reporting, lodgment, and payment obligations related to rental properties. The ATO has been utilizing bond data for several years, but the 2023-24 financial year marks a significant escalation in its efforts. In the previous financial year, a less intensive data collection approach successfully identified approximately 5,600 taxpayers with improperly treated rental properties, resulting in an additional $23 million in revenue. The ATO asserts that the program is cost-effective and highlights the importance of landlords maintaining accurate records.Experts warn that landlords who have not properly declared their rental income face potential penalties, including substantial fines and interest charges, on top of the unpaid taxes. They urge landlords to seek professional tax advice if they have any doubts about the accuracy of their returns. The ATO advises landlords to proactively declare any previously unreported income and review past returns for accuracy. Under specific circumstances, the ATO may waive fines or interest if taxpayers voluntarily disclose any discrepancies before being contacted. Failure to comply, however, could result in significant financial penalties.Landlords are encouraged to cooperate with the ATO and ensure their tax obligations are met. The ATO's strengthened data-matching program underscores its commitment to closing the tax gap and ensuring fair contributions from all taxpayers, particularly those in the rental property market
Australian Taxation Office ATO Data Matching Rental Income Tax Enforcement Fines Interest Landlords Rental Properties Tax Compliance
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