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.