Original Published Date:
- Business accounting
The electronic reporting specification version (1.0.1) of the Real property transfers report (RPTR) has been released as final.
This specification is to be used in the development of software for the electronic lodgment of the Real property transfers report (RPTR) for the 2016-17 and subsequent financial years.
Subdivision 396-B creates a new third party reporting regime in Schedule 1 to the Taxation Administration Act 1953. This regime requires entities to report information to the Commissioner of Taxation about transactions that could reasonably be expected to have tax consequences for other entities.
From 1 July 2016, states and territories will provide information on real property transfers including information that relates to the identification of the entities for which a tax-related liability may arise. This ensures that information received by the Commissioner can be matched to the relevant entity for the purposes of pre-filling and compliance.
A legislative instrument changed the reporting period from financial year to quarterly.
States and territories will provide quarterly reports in the approved form, the Real property transfers report, setting out information held about transfers by an entity of a freehold or leasehold interest in real property situated in the state or territory that happened during this period. The information will be provided in one report for each state and territory before the 31st day after each period of 3 months ending on 30 September, 31 December, 31 March and 30 June.
Reason for Amendment:
The maximum number of Transaction property records that can be reported for any Transaction data record has been increased from 50 to 500.