- by foxnews
- 25 Nov 2024
Banks will be compelled to hand over the data of 1.7 million landlords, including transaction details, as part of a tax office crackdown in search of $1.3bn in revenue lost from residential investment properties.
According to a sample audit conducted by the Australian Taxation Office in 2020-21, the federal government missed out on an estimated $9bn in tax revenue from individuals due to tax avoidance or errors.
It said the most common errors on rental tax deductions are: no or incorrect apportionment of the loan interest costs after refinancing for private purposes; claiming costs as a repair rather than a capital works deduction; and not apportioning expenses for private use of the property.
The ATO will collect: client identification details including names, addresses, phone numbers and dates of birth; account details including account numbers and balances; transaction details; and rental property details.
Landlords will be given 28 days to respond before any administrative action is taken using data gleaned from their financial institutions, giving them a chance to dispute the information collected by the ATO.
In February, the tax expenditure and insights statement revealed that 2.4 million people claimed $51.3bn in rental deductions in 2019-20, reducing their tax bills by about $18.6bn.
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