ATO probing 30 years of real estate deals

lol Tax raised and tax collected are not equal. Not by any stretch.

Money confiscated by Fed Police shouldn't really be counted either. So I can see why funding for the project has ceased.

This 30 year look back at CGT seems like they are "clutching at straws" because their thinking is full of holes. Anyway my opinion. I'll wait and see how succesful it is or how quickly it gets canned.

 

AFP arrest tax fraudsters. ATO have no powers of arrest.

 

Yes OK ATO don't arrest people

Just had a quick read about Wickenby ...... Cost to operate was nearly half billion $ over 7 years. They raised about 1 billion of which about a third of this is classified as a "compliance dividend" (taxpayers "touched" by Wickenby suddenly declare more income in subsequent tax return).

How much was actually collected or written off? Dunno. But it looks like the project was hardly breaking even. If you were running a business on those figures you'd shut down. Probably why no extra funding was given.

 

Just a matter of time,the equity markets have had a that in place for a long time from 1998,with a capital gains tax assets register,everytime i walk in the Accountants office all that data comes up in a mili second..
TR 2002/10 - Income tax: capital gains tax: asset register (As at 19 June 2002)

quote..

33. Taxpayers opting to store information electronically face difficulties as digital technology evolves. In particular, taxpayers need to consider the implications of upgrading from an early version of digital software to a more recent version. If information cannot be transferred to the new system without corrupting the existing stored data, then the records must be retained in the existing certified electronic database or printed and retained in paper format. Taxpayers may also transfer an existing asset register kept in paper form to digital storage by scanning the documents into an electronic form. However, whatever system taxpayers choose must reflect integrity, accuracy and reliability in electronic record keeping.

 

......and just to prove the point of the original post, FHB grant paid back after OSR finds rental bond lodged.
Staying over at boyfriend's place costs woman first home owner grant

 

This case didn't involve the ATO but the OSR (state revenue)

Falvo v The Chief Commissioner of State Revenue [2016] NSWCATAD 51
Falvo v The Chief Commissioner of State Revenue [2016] NSWCATAD 51 (14 March 2016)

Lets hope the ATO looks into this now.

 

I'd wager they don't... the ATO is pretty useless at detecting/pursuing undeclared rental income (even from properties rented out through real estate agencies with rental bonds, utilities, etc. in tenants names and not the owners).

 

If someone made a complaint they may take more interest.

 

I had involvement a few years back with a proceeds of crime case and until the proceeds are income its not income. Unlike a taxpayer who has a constructive receipt a criminal can rely on a negative constructive and its not income until a conviction.