Recently Commonwealth reporting requirements were introduced by the ATO for Conveyancers & Legal Practitioners to report Data for every property transaction. The ATO proposes to use this data for information-matching and ensuring compliance with the taxation laws of the Commonwealth.
Data reporting for Purchasers in South Australia was mandatory from 1st September 2017 with Vendor reporting mandated to start 1st January 2018.
What data will be collected?
Conveyancers and practitioners are required to provide to the State the following data for each transaction related to a property sale:
- property details, including land title information, property address and other descriptors;
- transactional information, including transfer price, contract date and settlement date;
- Identity data of the purchaser/transferee and vendor/transferor, including
- name, address and date of birth for individuals;
- name, address and ABN for non-individuals; or
- foreign identity details.
The collection of this information will provide increased transparency into foreign investment and will provide the Federal Government with improved monitoring of compliance with the administration of Capital Gains Tax and other taxable events.
What does this mean for you?
As we are required to conduct Verification of Identity checks prior to settlement, most of the information required will already be available to us. However we may be required to ask additional questions throughout settlement.
For more information you can speak with your file manager or contact Revenue SA on 08 8207 2333 or email email@example.com. Revenue SA also have a frequently asked questions page that might answer your question which you can find here.