The 2013/14 Budget contained a measure called "Tax compliance – improving compliance through third party reporting and data matching".
Basically, this measure consists of a number of different elements to improve and increase the information reported to, and gathered by, the ATO.
The proposed reporting regimes are scheduled to commence in relation to transactions that occur on or after 1 July 2014 (although the first reports would not be due to the ATO until after 1 July 2015).
The discussion paper only relates to those elements requiring legislative amendments (as opposed to those that would be implemented by the ATO changing its administrative practices).
Essentially this would involve the creation of new third party reporting regimes in relation to:
As an example, the following sets out the kinds of information the ATO would require regarding each and every property sale:
Submissions are due by 11 March 2014.