ATO property reporting to be introduced in 2017

1/1/2017
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From July 1 2017, new Commonwealth Government reporting requirements will be introduced that will affect all real estate property transfers in Western Australia.
The reporting requirements are being introduced following agreement by Commonwealth, State and Territory Treasurers to establish a National Register of Foreign Ownership of Land Titles. This Register will be administered nationally by the ATO. In WA, Landgate will collect and report the required information to the ATO.
For each transaction of freehold (and some leasehold interests)

In real property in WA, the information required by the ATO will include:

  • property details including land title information, property address and other descriptors
  • transactional information including transfer price, contract date and settlement date
  • identity information of the purchaser/transferee and vendor/transferor including name, address, date of birth for individuals, name, address and ACN/ABN for non-individuals
  • foreign identity details.

For a comprehensive list of the information required see the ATO Property Reporting Requirementsfor WA  below.
This information will be requested from all buyers and sellers involved in the property transaction. Until legislative amendments have been passed in WA, the state of Western Australia will only request that buyers and sellers provide this information to support Commonwealth legislation. Once legislation has been passed, the information will become a requirement on all parties to the transaction.
Further information about ATO Property Reporting is available on the ATO website.
ATO property reporting requirements for WABelow is a list of information required by the ATO in relation to real estate property transactions within WA.
Land and property related:

  • Land description such as, volume, folio, lot size, street address, municipality, etc. **
  • Land use description such as is the land used for residential, industrial or other purposes?  **
  • Is there is a new building on the land?
  • Land subdivision, amalgamation details. **
  • Change of ownership details, such as date of contract, settlement date, consideration amount, tenancy type, percentage of ownership, non-monetary consideration (if any), etc. **

People related:

  • Personal details, such as legal name, date of birth, contact phone number, email address, nationality, etc.
  • Name of trust
  • Country of residence and current residential address
  • Address for future notices
  • Details of change of land occupancy dates
  • Passport and visa details (foreign nationals only)
  • FIRB Application number (foreign nationals only)

Company related:

  • Australian Business registration details
  • Contact names and contact numbers including country codes
  • Incorporation details
  • Organisation registration details (foreign companies only)

For further details and clarifications, please refer to ATO website.
Download print friendly PDF [0.09MB].
** Information currently provided by Landgate

Published 9th December, 2016
Source:http://www.atopropertyreporting.wa.gov.au

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