The ATO on Tue 18.11.2014, issued a gazette notice advising that it will acquire details of entities share registries for the period 20 September 1985 to 30 June 2016 from the following sources:
- Link Market Services Limited;
- Computershare Limited;
- Australian Securities Exchange Limited;
- Boardroom Pty Ltd;
- Advanced Share Registry Services Pty Ltd; and
- Security Transfer Registrars Pty Ltd.
The type of data the ATO will collect includes contact details, purchase and sale details, and quantities of shares acquired or disposed of. It is estimated that more than 95m records will be obtained, including the records for approximately 1.2m individuals.
The ATO says the records will be electronically matched with certain ATO data holdings to identify non-compliance with registration, lodgment, reporting and payment obligations under taxation laws. The ATO says the program aims to identify income tax returns that may not include accurate information relating to the disposal of shares and securities, especially in relation to CGT. The program will also assist the ATO to develop intelligence and indicators to detect emerging trends and issues.
[LTN 223, 18/11/14]