So You Thought You Were Smarter Than the ATO

So You Thought You Were Smarter Than the ATO

The ATO will request and collect identity and transaction details pertaining to securities held in all ASX listed entities from:

  • Link Market Services Limited;
  • Computershare Limited;
  • Australian Securities Exchange Limited;
  • Boardroom Pty Ltd;
  • Advanced Share Registry Services Pty Ltd; and
  • Security Transfer Registrars Pty Ltd.

Details relating to approximately 1.2 million individuals will be electronically matched with certain ATO data holdings to identify non-compliance with CGT, income tax and GST obligations under taxation law (although it is anticipated that administrative action will be taken on a very small percentage (less than 1%)). Be wary if you think those shares you received when the likes of AMP, NRMA, National Mutual etc can be left out of your return. Computers make crosschecking a breeze for the fiscal fiend.