ATO gains access to landlords' bank accounts in major crackdown
Banks will be compelled to hand over the transaction data of 1.7 million property investors as part of a major crackdown on landlords evading their tax obligations.
Property investors are under the gaze of the ATO as they seek to claw back billions of dollars in lost tax revenue. (Image source: Shutterstock.com)
The Australian Taxation Office (ATO) will access the bank transaction data of 1.7 million property investors as part of a massive crackdown on tax evasion among landlords.
Under the data-matching program, the ATO will be able to obtain residential investment property loan data (RIPL) from 17 banks.
The focus is on people failing to declare rental income or pay capital gains tax, and those incorrectly claiming deductions, including rental proper…
