Are your ‘ducks are in a row’ with the ATO this year?
As you may have gathered from our latest stream of articles, you need to build a ‘team’ of savvy professionals to help you navigate the forever changing landscape of property investing.
What we value in such professionals are those who are knowledgeable, willing to collaborate, generous in sharing information and always looking for solutions. This kind of transparency and attitude helps you build resilience and longevity as an investor.
Our guest writer for ‘getting your ducks in a row’ is Megan Stuart from Mint Property Management in Melbourne. She shares an interesting insight into ATO data collection through the property management system that you may not be aware of.
As June 30 rapidly approaches and we all prepare for the end of the Financial Year, we wanted to let you know about something we have just been made aware of – how the Australian Taxation Office collects data from the property management industry.
The ATO has recently released a new data-matching program that accesses data directly from property management software providers. Under this program, they will be collecting data for 2018-19 through to the 2022-23 financial years.
Your information is not accessed through our agency, but rather through the industry software providers, utilised to manage trust accounts and ensure we are meeting our legal obligations.
And our industry is not the only one the ATO uses this type of technology with. They use data matching programs with online sales, ride-sourcing, cryptocurrency – even motor vehicle registries.
You can read more about their data matching programs here
We know most people do the right thing and this new ATO program won’t have any impact at all. And, it also makes sense that the ATO is going to use technology to improve how they do things. But this is a big change and we thought it is important to share.
If you want to find out more from the Australian Taxation Office specifically about property management and data collection, click here to read what they have to say on their website.
Your Accountant is going to be able to explain what this may mean to you personally a little more, but if there is anything we can help you with, please don’t hesitate.
As the Director of Mint Property Management Megan is a fully licensed real estate agent. Her passion for property management started with her experiences as a tenant and a property investor, leading to a major career shift from Corporate Marketing to property management.
From leadership roles to hands-on management of portfolios of 200+ properties, Megan offers extensive industry experience, striving to ensure every client’s experience is exceptional and enjoyable.
Her trademark is her ability to work closely with all parties to build strong relationships and yield the best results. Megan believes that while process and structure are essential to good property management, the essence of her role is communication.
Flexibility, attention to detail and thorough understanding of legislation give her a knack for delivering outstanding results to landlords and tenants alike. All with a smile.
Disclaimer: Active Property Investing and its representatives are not qualified Financial Planners, Financial Advisors or Taxation Accountants. The information presented is general advice only and should not be construed as personal, financial or credit advice nor should it be considered as specific recommendations or investment advice.
This information has not taken into account your needs, objectives and financial situation. As each individual’s circumstances are different, we strongly recommend your own independent review, investigation and analysis of any proposed investment.
We recommend that before making an investment decision each prospective investor should consult independent and professional advisers and should consider whether an investment is appropriate in light of your particular legal requirements, investment objectives, financial circumstances and needs.
While all attempts have been made to verify the information provided, neither the author, presenter nor will publisher bear any responsibility or liability for any error, omission or contrary interpretation of the subject matter.