The Sydney Morning Herald --- Page: 9 : 28 December 2006 Original article by John Garnaut
ABIX Summary
There appear to be problems with the Australian Taxation Office's (ATO) compliance campaign for property investment. Concerns about the inability of the ATO to collect and interpret land titles data has prompted Australia's Auditor-General, Ian McPhee, to recommend that it reassess its capital gains tax compliance program. The project involves electronically matching land titles and stock market data with individual tax returns, but an Australian National Audit Office report has revealed that automated data has only been provided by a single state and was insufficient to identify individual taxpayers. McPhee says land titles data may be of more use if investors were required to provide their birth details or tax file number.
