I just found this on Linkedin. Posted by my broker. Read below. Have you ever under-declared your income or over-claimed your expenses while doing your property taxes? If you have, you need to talk to a tax agent immediately and get a tax health-check on any property dealings, according to H&R Block director of tax communications Mark Chapman. Speaking to Mortgage Business, Chapman warned property investors about a new program that the Australian Tax Office (ATO) has launched to make sure that property owners have met their tax obligations. The ATO is planning to dig up the details of all taxpayer’s transactions from 1985, which will include the names of landlords, lease periods, amounts of rental bonds, rents payable, dates of property transfers, and valuation details. More than 30 million records are expected to be cross-checked with information that the ATO already holds. In this way they can build a pretty accurate picture of property-related transactions over the past 30 years. If there are discrepancies, Chapman said the ATO has promised to penalise these property owners. There may be sizeable penalties for not meeting your property tax obligations, and this can be avoided if you correct your mistakes by making a voluntary disclosure before your property and you are placed under heavy scrutiny.