Maximising my tax

[junky]

Egad, what!?

I'm working on our tax for 2008 years. I'll certainly be paying tax, but at the moment it seems my wife won't be. That seems a problem in this year of tax bonuses.

She has a very small PAYG income, and more that is cash paid. I'm actually one of those strange people that does register both. (Google Jim Rohn and the Golden Egg!)

However, I'm wondering what's the burden of proof for assessable income.
If I "thought" she'd earned two thousand more than I have records for - could there be a problem?

Thanks

 

[Token Funder]

Other than the fraud bit?

 

[junky]

Other than the fraud bit?

Right... So this forum is fine about legal ways to minimise tax, but not happy to discuss finding legal ways to pay more tax?...... Get real, there is no difference in this case in trying to end up paying $5 tax, than there is in other people trying to find some extra loopholes for another $895 in deductions...

 

[Token Funder]

Right... So this forum is fine about legal ways to minimise tax, but not happy to discuss finding legal ways to pay more tax?...... Get real, there is no difference in this case in trying to end up paying $5 tax, than there is in other people trying to find some extra loopholes for another $895 in deductions...

I depends on whether you consider making **** up legal.

 

[Trogdor]

I depends on whether you consider making **** up legal.

haha...

The answer is clearly a big fat NO!!

 

[Luke]

Junky if you have children, consider the impact of FTB part b
For whatever "extra" income you add, or deductions you miss --the $900 will probably be outweighed by the FTB Part B you'd miss out on.

Nice try...

 

[SMSFLending.com]

.... you can be 'innovative' but not 'illegal', referring to the manner in which you minimise the tax you pay, the ATO's Part 4a "the general anti-avoidance rule for income tax" ... basically says they (the ATO), can rule against you if found you took decisive or deliberate action/s, with the main intent to avoid tax, be it legal or illegal in nature.

There is no escaping the ATO.

Cheers.

 

[rugrat]

Well I done my tax in July last year, and missed out on the rudd tax bonus befause I got it all back. If I had of known that a bonus would go out I wouldn't have claimed my deductions and thus paid a little tax and thus have gotten the bonus.

So my only suggestion is to make sure that she isn't claiming any deductions.

 

[Risky Business]

If you had posted earlier last year, I'm sure a few people would have distributed some on paper profit from their discretionary trust.

Funny stuff. Best of luck with the fraud. It will make for an interesting courier mail headline.

 

[marg4000]

Just be aware that any sudden rise in unexplained and undocumented income may trigger questions as to previous and subsequent years.

Like deducations, you can include whatever you like. A tax audit is where you have to prove things. Income is treated the same way.

Getting the ATO interested in your tax affairs may be far worse than the $900 gained.
Marg

 

[Rob G.]

Right... So this forum is fine about legal ways to minimise tax, but not happy to discuss finding legal ways to pay more tax?...... Get real, there is no difference in this case in trying to end up paying $5 tax, than there is in other people trying to find some extra loopholes for another $895 in deductions...

You have raised 2 issues, firstly assigning income and secondly evidence.

1) There is comprehensive legislation concerning assignment of income. Just ask a Taxation Advisor about the limitations. Where it is possible, it needs to be done PROSPECTIVELY in most cases, i.e. not at year end.

2) Even where you lack concrete proof, you might make a case based on probabilities in cases where there are extraordinary circumstances concerning why you don't have the paperwork.

If you are reckless or fraudulent then there is no time limit for the Commissioner to amend your tax return(s), and penalties can be quite severe.

Cheers,

Rob