I just did my own tax so I guess its an important reminder. Time is ticking. 1. If you seek to defer lodgement, use a tax agent or delay payment then you have until 31 October to BE REGISTERED with a tax agent. If you have a later 2016 tax`return you wont get this extension unless they can request it. The tax agent MUST register you before that date. They need your tax file number, date of birth and name/s. and entity details. Time is running down to act. Now is the time to get on their books. 2. MyGov lodgements by taxpayers must be LODGED before 31 October. Extended payment deadline arent given and payment by December is normal. Tax agent clients may pay by early June 2018. 3. Late lodgement penalties are as much as $990 irrespective of the time delays. And despite what the ATO says a refund doesnt always stop this penalty.
Visited our accountants last Friday. Now in their hands. The wife is waiting for the tax refund cheques. Apparently, she wants to go Xmas shopping for the grandkids. Lucky grandkids!!!
Should be getting mine back next week. Not as big a return as previous years which is good. Fun fact- the ATO apparently already knew about new properties and rental income that didnt exist last tax time. There must be some nice data flowing between banks or PMs to the big tax brain. Hard to fudge anything these days it seems
Im not sure where rental income comes from....This info isnt reported to ATO and would breach privacy under current laws. The ATO would need to change laws to require REAs to report in a consistent manner electronically too.
They dont need the PM to report anything. They have quite an impressive data mining software that could easily match land title office records against a multitude of real estate listing sites. No breach of privacy data as the data is public.
Perhaps it is because your commercial buildings are where the ATO office is and your residential house is rented to the rax commissioner
The post referred to the issue of the ATO possessing REA info.,...Its not from the REA. The ATO have no powers to ask REAs for broad reporting. No way that the source. They can issue a specific notice for information but its generally for cases of avoidance. At best the address may have popped up as a prompt in the rental income section. I have encountered taxpayers who failed to declare CGT profits and I'm always impressed by the ATO capacity to estimate a potential CGT profit and issue a default assessment estimate. Their database is very good. I have even seen improvements noted from Council records. Would I rely on the ATO calc? Never - it errs on the high side and doesnt allow for exempt periods or many other issue that may reduce CGT.
