When your PPOR is not a "Residence"

Paul@PFI

Paul@PFI

The OSR NSW have won a case about when a residence isn't really a principal place of residence. A wealthy lady who argued she resided in a nice expensive harbourside suburb - Darling Point.

She spoke about being a Territorian publically. OSR were listening...And the OSR checked and found she had claimed a exemption for land tax. Problem seems she wasn't actually resident. Just from time to time.

That one word "principal" got her. CAT agreed that her principal residence was in the NT.

http://www.smh.com.au/national/mari...ax-on-darling-point-home-20141209-123apb.html
 
The Paspaley family. Will hardly dent her wealth at all. Worth close to 1 to 1.5 Billion. The real concern for many of the wealthy Australians is the new proposals being put forward by government to disclose taxes paid on private companies with turnover over $100m. I have two clients concerned about that issue as they never appear on the BRW Rich List and dont ever want to be there. I think you would find there are extraordinary wealthy people who should be on these lists but never will be.
 
Very long and entertaining reading - something for many thinking a quick flirtation with living at the property will exempt them from land tax or CGT.
 
Never ceases to amaze me how much people like to talk about what they've got, their wealth, how clever they are. People disclose their financials and their portfolio here all the time, they discuss their net worth and comment on polls.

Big brother is real and every day is able to see more and more. Who else is watching?
 
Joe Hockey and Baird both need to find cash under the cushions. Expect more of this. Corporates + High Wealth Taskforce + Offshoring (See media are talking about one Australian with annual income of $50m and $150m+ assets subject to audit)...ATO were handed (they paid for it I believe) a stolen list of "secret" numbered swiss accounts held by 150 Australians. ATO knows names and has statements. Some people must be wondering when the doorbell will ring ?

Mike - Yeah I have never understood why anyone would want to appear on BRW lists. Its a huge target on your back.
 
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