ATO data matching of share transactions
On 18 November 2014, the Commissioner of Taxation advised that the Australian Tax Office (ATO) will acquire information included in share registries from specified share registry providers for the period 20 September 1985 to 30 June 2016.
This information gathering program is called the share transactions data matching program, and its purpose is to ensure that taxpayers are correctly meeting their taxation obligations in relation to share transactions. These obligations include registration, lodgement, reporting and payment responsibilities.
The objectives of the programme are to:
- Identify income tax returns that may not include accurate information relating to the disposal of shares and securities, especially in relation to capital gains tax (CGT)
- Improve the taxpayer and tax agent understanding and awareness of their CGT obligations
- Identify taxpayers that have outstanding returns or not correctly registered for their taxation obligations
- Develop intelligence and indicators to detect emerging trends and issues
- Enhance voluntary compliance through initiatives such as pre-populating information into taxation returns
- Generally ensure compliance with registration, lodgment, correct reporting and payment of taxation and superannuation obligations.
Australia signs new social security agreement with india
On 18 November 2014 the Commonwealth Government announced the signing of a new social security agreement with India to coordinate the social security schemes of the two countries. The agreement includes provisions on double superannuation coverage for temporarily seconded workers. The Agreement is expected to come into effect from July 2015.