Ozzie tax office doesn't mess about
Jun 13th 2005, 11:10 pm
#1
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Joined: Oct 2004
Location: Berkshire
Posts: 360
Ozzie tax office doesn't mess about
The ATO (Australian Tax Office), equivalent of the Inland Revenue, certainly doesn't mess about when it comes to collecting what it's due. The IT systems of the various govt departments in Oz seem much more integrated than in the UK, eg, Immigration and Taxation.
Of course, the relatively tiny population makes it all a lot easier, I expect.
Anyhow, here's an article about some interesting data mining that the ATO intends doing to catch out anyone who sold an investment property and didn't declare the capital gain.
The article is from Adelaide but it appears the exercise will be carried out nationwide.
http://www.theadvertiser.news.com.au...55E913,00.html
A massive data-matching program will compare property sales declared on tax returns since 1999 with information held by the South Australian Revenue Office and Land Services Group.
The ATO will use the information to determine whether individuals under-valued or did not declare the sales on their tax returns to avoid capital gains tax....
The ATO said if the crackdown was successful the search could be extended back to 1985 when the Capital Gains Tax was introduced....
"If you wait for the Tax Commissioner to contact you, the penalty could include the tax owing, a fine up to 75 per cent of that amount owing and interest on the amount owing as well."
Of course, the relatively tiny population makes it all a lot easier, I expect.
Anyhow, here's an article about some interesting data mining that the ATO intends doing to catch out anyone who sold an investment property and didn't declare the capital gain.
The article is from Adelaide but it appears the exercise will be carried out nationwide.
http://www.theadvertiser.news.com.au...55E913,00.html
A massive data-matching program will compare property sales declared on tax returns since 1999 with information held by the South Australian Revenue Office and Land Services Group.
The ATO will use the information to determine whether individuals under-valued or did not declare the sales on their tax returns to avoid capital gains tax....
The ATO said if the crackdown was successful the search could be extended back to 1985 when the Capital Gains Tax was introduced....
"If you wait for the Tax Commissioner to contact you, the penalty could include the tax owing, a fine up to 75 per cent of that amount owing and interest on the amount owing as well."
Jun 13th 2005, 11:17 pm
#2
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Posts: n/a
Re: Ozzie tax office doesn't mess about
Originally Posted by sackofspuds
The ATO (Australian Tax Office), equivalent of the Inland Revenue, certainly doesn't mess about when it comes to collecting what it's due. The IT systems of the various govt departments in Oz seem much more integrated than in the UK, eg, Immigration and Taxation.
:scared:
Jun 14th 2005, 12:52 am
#3
Banned
Joined: Mar 2003
Posts: 4,432
Re: Ozzie tax office doesn't mess about
Originally Posted by sackofspuds
The ATO (Australian Tax Office), equivalent of the Inland Revenue, certainly doesn't mess about when it comes to collecting what it's due. The IT systems of the various govt departments in Oz seem much more integrated than in the UK, eg, Immigration and Taxation.
Of course, the relatively tiny population makes it all a lot easier, I expect.
Anyhow, here's an article about some interesting data mining that the ATO intends doing to catch out anyone who sold an investment property and didn't declare the capital gain.
The article is from Adelaide but it appears the exercise will be carried out nationwide.
http://www.theadvertiser.news.com.au...55E913,00.html
A massive data-matching program will compare property sales declared on tax returns since 1999 with information held by the South Australian Revenue Office and Land Services Group.
The ATO will use the information to determine whether individuals under-valued or did not declare the sales on their tax returns to avoid capital gains tax....
The ATO said if the crackdown was successful the search could be extended back to 1985 when the Capital Gains Tax was introduced....
"If you wait for the Tax Commissioner to contact you, the penalty could include the tax owing, a fine up to 75 per cent of that amount owing and interest on the amount owing as well."
Of course, the relatively tiny population makes it all a lot easier, I expect.
Anyhow, here's an article about some interesting data mining that the ATO intends doing to catch out anyone who sold an investment property and didn't declare the capital gain.
The article is from Adelaide but it appears the exercise will be carried out nationwide.
http://www.theadvertiser.news.com.au...55E913,00.html
A massive data-matching program will compare property sales declared on tax returns since 1999 with information held by the South Australian Revenue Office and Land Services Group.
The ATO will use the information to determine whether individuals under-valued or did not declare the sales on their tax returns to avoid capital gains tax....
The ATO said if the crackdown was successful the search could be extended back to 1985 when the Capital Gains Tax was introduced....
"If you wait for the Tax Commissioner to contact you, the penalty could include the tax owing, a fine up to 75 per cent of that amount owing and interest on the amount owing as well."
