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. ...