- Posted By Jasmine Adams
From 1 July 2016, all state and territory revenue collection agencies will need to collect and report information to the ATO about all transfers of freehold or leasehold interests in real property located in their state or territory. Agencies must lodge a Real Property Transfers Report (RPTR) to the ATO no later than 31 days after the end of each quarter.
Information to be reported include:
- Property details, including land title information, property address and other descriptors;
- Transactional information, including transfer price, contract date and settlement date; and
- Identity data of the purchaser/transferee and vendor/transferor, including: (i) name, address and date of birth for individuals; (ii) name, address and ABN for non-individuals; and/or (iii) some foreign identity details.
The ATO said it uses the information obtained from the RPTR to:
- Expand its data matching with third party reporter information;
- Support voluntary compliance by providing taxpayers with information related to CGT events that have occurred during the income year;
- Improve compliance through administration of CGT, GST and other taxable events;
- Administer the Agricultural Land Register;
- Support compliance under the foreign resident CGT regime; and
- Make this information available through pre-filling for self-preparers and tax agents from 1 July 2017
It’s like a PAYG Statement for property transactions. Information supplied by Shannon Bell from Bell Chartered Accountants www.bellca.com.au