The ATO advises that in late June 2012, it will be writing to taxpayers who have been identified through information provided to the ATO, as having sold assets such as shares or property and may have made a capital gain or loss.
If a client of a tax agent has been selected for this mailout, the ATO will send the agent a letter in advance that will include:
- a list of all affected clients
- a copy of the letter.
The ATO is encouraging agents to review and discuss with their clients if they have made a capital gain or capital loss for all sales or disposals as the list provided is not exhaustive, and to include this when preparing and lodging their 2011-12 tax returns.