ATO to begin data matching residential investment property loan data
As announced in a gazette notice dated 3 April 2023, the ATO will acquire residential investment property loan data from authoriesd financial institutions in relation to the 2021-2022 through to the 2025-2026 income years. This data will be matched against ATO records and used (among other purposes) to:
- identify relevant cases for action (including compliance activities and educational strategies);
- inform rental property owners of their taxation obligations; and
- help avoid unnecessary ATO contact to taxpayers who are correctly reporting and claiming rental property income or expenses.
GST guidance for BNPL providers updated
The ATO has released updated guidance on the GST implications for typical buy-now, pay-later (BNPL) providers. The guidance sets out the ATO’s view of the key GST considerations for BNPL providers, and in particular focuses on how the Commissioner considers such providers should be determining their entitlement to input tax credits on related costs.
Draft legislative instrument to exempt WPN holders from STP reporting
If registered, LI 2023/D9 will exempt entities that:
- hold a Withholding Payer Number (WPN); and
- do not have an ABN,
from single touch payroll (STP) reporting obligations.
Class rulings issued
The ATO has issued:
- CR 2023/15 – Australia and New Zealand Banking Group Limited – Restructure – Employee share scheme – Treatment of shares or rights; and
- CR 2023/16 – Sky Network Television Limited – Capital return.