On 6 November 2013, the government announced that it would proceed with the 2013–14 Budget measure Tax compliance: improving compliance through third party reporting and data matching.
The measure will establish new, and strengthen existing, reporting systems for:
- taxable government grants and specified other government payments
- sales of real property; shares; and units in managed funds
- sales through merchant debit and credit services
- managed investment trust and partnership distributions, company dividend and interest payments
- transactions reported to the Australian Taxation Office (ATO) by the Australian Transaction Reports and Analysis Centre.
The changes are proposed to broadly apply to transactions occurring on or after 1 July 2014.
The information provided to the ATO will improve compliance and provide a level playing field for Australian taxpayers by enabling the ATO to expand its data matching with third party information.
