Australia: Rental bond data matching program updated
The Australian Taxation Office issued a statement that its rental bond data matching protocol has been updated.
Rental bond data matching program updated
The Australian Taxation Office (ATO) issued a statement that its rental bond data matching protocol has been updated.
With the update, the ATO is urging taxpayers to declare any rent or bond money they have retained or lodge an amendment as soon as possible if they didn’t include it in their tax return.
According to the ATO’s gazette notice, it will acquire rental bond data from state and territory rental bond regulators bi-annually for the 2023-2024 through to the 2025-2026 financial years.
The data acquired includes the amount of rental bond held, the number of weeks the rental bond is for, and the amount of rent payable for each period.
The ATO says that one of the objectives of its rental bond data matching program is to identify properties producing income and individuals who may be failing to meet their lodgment, correct reporting and/or payment obligations, and take appropriate action.
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