The ATO's request this week to the State Revenue Offices and Tenancy Boards for 32 years worth of data is stated as being part of their new watchdog role for Foreign Investment in property.
But I don't think it's a co-incidence that the request will collect records from the day that Capital Gains Tax was introduced, 20 September, 1985.
There is a whole lot of cross checking that can be done from the information obtained on Australian residents as well as foreign investors. The ATO will have property acquisition, disposal and all landlord details available to them, allowing cross checking of rental disclosures and capital gains/losses reported by taxpayers in their returns.
With that amount of data, no doubt the ATO smart systems will be running overtime with lots of 'exceptions' to investigate!
The government will cross-check the records of 11.3 million people in a bid to hunt down illegal owners of Australian real estate. On Tuesday, the Australian Tax Office – responsible for overseeing foreign property investment – put in a request to access 32 years’ worth of data relating to property transactions across the country. The ATO has demanded revenue and land title authorities across all states and territories hand over information from between 1985 to 2017 relating to property sales, sub-divisions, land transfers and valuation details. Rental bond authorities in each state and territory will also be required to provide details of leased properties during that period including information about rental payments, length of lease, bond amount and landlord details. An estimated 31 million records for each year between 1985 and 2017 will be handed over to the tax office.