The Tax Office continues to build on its capital gains tax data-matching capability. We gather a large amount of information from state and territory revenue agencies and land titles offices to check that capital gains on properties, including rental properties, vacant land and holiday homes, have been declared. We also gather data to check capital gains on shares and managed fund investments.
Some common errors we've identified include:
- people claiming the main residence exemption when they have never lived in the property
- poor record keeping, and
- people using the date of settlement as the disposal date of a property, instead of the date they entered into the sale contract.