Income Tax

The biggest share data match ever…

The Commissioner has announced the largest data-matching program regarding details of share transactions from share registries for the period 20 September 1985 to 30 June 2016. That is right, from 20 September 1985! Over 95 million records and 1.2 million individuals …

He is looking for:

  • Identify tax returns that may not include accurate information relating to the disposal of shares and securities;
  • Identify taxpayers that have outstanding returns or not correctly registered for their taxation obligations;
  • Develop intelligence and indicators to detect emerging trends and issues; and
  • Enhance voluntary compliance through initiatives such as pre-populating information into taxation returns.

So it looks like he is trying to pre-populate more share data. This could be very helpful when preparing tax returns.

By Ken Mansell

As a stay at home Dad most of the week this is my way of pretending I am still the tax counsel of ASX and SEC listed companies, working at big 4 firms, working at the Federal Treasury, on the Henry Review and at Parliament House for the previous government.

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