Rich and new landlords in Tax Office sights

[geoffw]

From the SMH- Rich and new landlords in Tax Office sights

THE Tax Office has warned it will crack down on unsubstantiated work-related deductions, overstated rental property deductions and undeclared capital gains when it scrutinises this year's tax returns.

The tax affairs of people with incomes over $1 million and those with low-documentation loans will also be watched closely.

The 2005-06 financial year finishes today. The new Tax Commissioner, Michael D'Ascenzo, issued an online update detailing his "areas of concern" yesterday.

Undeclared income and claims for deductions that are false or unsubstantiated were common mistakes in tax returns, he said. ...

 

[kissfan]

Also heard on one of the news (radio) reports today that the ATO were also targeting doctors, lawyers, accountants, miners, factory workers etc.

It appears they (the ATO) say that they are targeting a very broad range of working professions.

One has to wonder if it is just scare tactics.

Regards
Marty

 

[DaleGG]

Hi

No, I do not believe that it is just scare tactics this time.
We are noticing that the ATO are being a little more aggressive this year than they appear to have been over the last couple of years.

Dale