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ATO says beware of 'boiler room' sales tactics
The ATO has warned that some operators are using telemarketers to apply high-pressure sales tactics to lure superannuation trustee investors into high risk or suspect investments. This practice is known as 'boiler room' type operations. Such tactics are being used to coerce investors to inv ..
Get a second (investment) opinion
The ATO is encouraging anyone unsure about a tax investment they have been offered to seek a second opinion from an independent and trusted tax professional, so as not to be fooled by legitimate-looking tax avoidance schemes. Deputy Commissioner Tim Dyce says illegal schemes are usually desi ..
ATO warns property developers to declare income
Editor: The ATO has issued a media release warning property developers against using trusts to return the proceeds from property developments as capital gains instead of income. Deputy Commissioner Tim Dyce said, “A growing number of property developers are using trusts to suggest a d ..
New ATO initiatives for small businesses
Editor: In a recent speech, the Commissioner of Taxation, Chris Jordan, announced some new initiatives for small business. The following are excerpts from his speech. Red Tape The Commissioner stated that the ATO was trying to reduce the amount of red tape because it understands "that ..
ATO "data mining" program targets offshore tax evaders
The ATO has announced that it is "mining data" to identify individuals with undisclosed offshore income and assets. The new information would be used to encourage people to disclose under Project DO IT, the ATO’s offshore disclosure initiative. The ATO will significantly increase i ..
ATO's new Business Viability Assessment Tool
The ATO has designed and launched a new online tool to help businesses and tax agents determine whether a business is viable. Once the tax agent or taxpayer has answered a series of questions, they will be provided with a report that will contain an overall viability assessment of their bus ..
ATO keen for taxpayers to avoid tax-related scams
The ATO is concerned about the number and frequency of email and mobile phone scams that are occurring. These scams claim to come from the ATO and usually offer a tax refund. Generally, they link to a bogus ATO website asking for personal information and credit card details. The ATO ad ..
Repairs to a rental property formerly used as a home
In recent years, there has been an increasing tendency for home owners to use an existing home as a rental property, especially where a new home has been purchased. In these situations, it is common for taxpayers to undertake repairs and maintenance to their existing home in order to make ..
Family court documents opened up to Tax Office
In a recent and possibly disturbing case for many taxpayers, the ATO has been able to gain access to family court documents in relation to a taxpayer who was already under investigation. Facts A husband and wife were parties to proceedings in the Family Court of Australia which were dism ..
Tax Amnesty for Overseas Tax Dodgers - Project DO IT
The ATO has announced an amnesty for taxpayers with offshore assets or income to voluntarily come clean by 19 December 2014. The ATO says that its Project 'DO IT' (i.e., 'disclose offshore income today') provides a last chance opportunity for those who haven't declared their overseas assets ..
Recent Posts
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