The Australian Taxation Office (ATO) will pore over the records of up to 1.7 million mortgage holders this financial year as it seeks to stamp out the shortfall in tax paid by residential property investors.
The Australian Taxation Office will pore over the records of up to 1.7 million mortgage holders this financial year as it seeks to stamp out the shortfall in tax paid by residential property investors.
Under the data matching program, the ATO has access to loan accounts, including details of the investment property, such as the address, as well as transaction histories, including when the loan was started and ended. For most property investors with a mortgage, the biggest single tax-deductible expense is the interest costs of the mortgage. Under its data matching, the ATO can see how much interest has been charged by the lender.
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