Third party reporting, pre-filing and data matching
In the 2014/15 Budget, the government announced its intention to proceed with the 2013/14 Budget measure “Tax compliance – improving compliance through third party reporting and data matching”.
The transaction types below that occur after 30 June 2016 will be reported by relevant third parties to the ATO (with reporting starting from 1 July 2017)
- payments of grants and other financial beenfits for services to government entities;
- transfer of securities; and
- business transactions made through electronic payment systems, such as credit and debit cards and online payment methods.
In addition, the states and territories will continue to report on a quarterly basis to the ATO regarding transfers of real property as they do now.
Ref: Treasury website – Improving tax compliance – enhanced third party reporting, pre-filing and data matching.
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