ATO looks at car and property sales

The ATO is about to start a new data matching program on car and property sales. 

Motor vehicle data match

Details will be requested from the state and territory motor vehicle registering bodies where a motor vehicle was sold, transferred or newly registered between 1 July 2009 and 30 June 2010 and the transfer and/or market value of the vehicle is $10,000 or greater.

The ATO is basically using the data matching program to catch:

• those who are not in the system;
• businesses that are not reporting the sales of motor vehicles; and
• taxpayers in business whose reported income was not sufficient to support the purchase of the vehicle.

Real property data match

State and territory authorities will be asked to provide updated identity and transaction details relating to property title transfers between 1 July 1999 and 30 June 2010.