Does Banks have access to ATO tax records?
Does Banks have access to ATO tax records
- Thread starter House monster
- Start date
No, but the ATO has access to banking records
not that i know of
works the other way round though
ta
rolf
works the other way round though
ta
rolf
Privacy laws prevents them access unless you provide it?
Why do you ask?
The ATO however has the powers to ask your records from the bank without your approval if they suspect you to be cheating on your taxes. Come to think of it ....the ATO has more powers than the AFP at times.
Why do you ask?
The ATO however has the powers to ask your records from the bank without your approval if they suspect you to be cheating on your taxes. Come to think of it ....the ATO has more powers than the AFP at times.
Each time I hear a question like this, I think of THE UNTOUBCHABLES....
The tax department put Al Capone away after the police failed to pin him for anything... the police seemed to have tried pretty hard too, but ony the tax office succeeded...
I don't think I wanna mess with the tax department LOL
The tax department put Al Capone away after the police failed to pin him for anything... the police seemed to have tried pretty hard too, but ony the tax office succeeded...
I don't think I wanna mess with the tax department LOL
Last edited:
I earn about 60K cash (6 month work) last year and i put about 48K cash into my mortgage (offset account). Since May last year, i have sold my investment property, i was thinking not to declare the money. Will i have problem with that? Of course i will pay the capital gain tax of the property i sold.
How exactly do you pay CGT without declaring the money? You 'declare' the CG in your tax return.
I understood it that Pretty was referring to the money made through his/her employment ie paid in cash?
If so, P, a full audit from the ATO would be asking you where you got the $48k from? How you manage to live? expenses etc.....
Black money means you cannot put it anywhere other than under your bed, without it being able to be traced. Aside from it being illegal, surely more stress than its worth.
Best declare it unless it was a solely a PPOR then you can do this.
yeah man - questions will be asked. Unless you make regular visits to your local TAB or casino and have a membership card to prove your visits.
A legal problem or an ethical problem? I would think potentially both. If that's all you earned you'd have a tax bill of about $12k. Is that worth a criminal conviction?
yeah man - questions will be asked. Unless you make regular visits to your local TAB or casino and have a membership card to prove your visits.
If you are arguing the money was derived from non professional gambling (windfall gain) you will also have to be able to provide appropriate records showing wins / losses and overall profit.
Section 264 of the Income Tax Assessment Act 1936 allows the Commissioner of Taxation full and free access to information and records for the purposes of administering taxation law. This includes banking records.
if you do not declare the $48,000 and the ATO commence an audit the deposits will be considered income unless you can prove otherwise. This will result in an amendment to your tax return requring you to pay the original tax, plus a significant penalty (most likely 50 to 75%) plus interest charges at around 12% per annum.
Do you think a casino would give you 20k in cash? Good luck with that.
Maybe, depends how hard you pushed...if you said you'd be back tomorrow to try your luck again at the tables?
I used to work in one & every rule can be broken depending on who you are, who you know or how much money you have (heh heh, the way of the world, eh?)
(eg a bet paid on roulette in high rollers room when no chip was placed on the winning number....all b/c of who someone was & how much of a stink they kicked up )
I used to work in one & every rule can be broken depending on who you are, who you know or how much money you have (heh heh, the way of the world, eh?)
(eg a bet paid on roulette in high rollers room when no chip was placed on the winning number....all b/c of who someone was & how much of a stink they kicked up
)
Last edited:
