Residential investment property loan data-matching program

ATO to Acquire Residential Investment Property Loan Data for Compliance and Analytical Purposes

Scope, Utilisation, and Implications of the ATO’s Data-Matching Initiative for the 2021/22-2025/26 Financial Years

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.”

Many of our clients like to review their tax position to evaluate any strategies that may be available to legitimately reduce their tax. If you’re one, contact the team at Omnis Group in West Perth on 08 9380 3555 to book your review.