Wow, and this is a "loan adviser", terrific.said he has been doing it for years with his investment loans
Yes, lots of people don't seem to understand that our tax system is effectively an honour system, and the onus is on the taxpayer to know the rules and apply them correctly, or face the consequences when discovered. I hear all the time "but I've done xxx for years".Pushka said:I think people think because the ATO doesnt query them at the time it is compliant.
The ATO is not, when it issues an assessment notice, saying that we've completed our return correctly; they're saying "on that assumption that all the information you've given us is correct, this is your tax assessment". Quite an important distinction.