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Australian Taxation Office to receive additional property details from 1 July 2016

From 1 July 2016 the Office of State Revenue NSW will begin collecting additional information on real property transfers. This information will then be reported to the Australian Taxation Office.

The information collected and reported will include property title information and address, transfer price, contract and settlement dates and information identifying the vendor and purchaser. 

This information will be used by the Australian Taxation Office to data match information. This will likely include information reported in Activity Statements and Income Tax Returns by vendors and purchasers to ensure compliance with the taxation laws of the Commonwealth. 

The link attached contains more information on the type of information collected for each different type of entity.