Cool gmh! The other question I have is..
With our privacy laws, the ATO can get any info from anywhere to make sure we’re paying the right tax – that’s fine. BUT, are they then allowed to pass that info on to a third party….? For a completely different reason to why they collected the info?
Cheers
MelMel,
Certainly not claiming you are evading tax but just a warning for those that think they can understate their tax or commit fraud or evasion and get away with it. Those days are coming to an end.
And if the Tax Office does find that you have committed fraud they can refer it to the appropriate authorities e.g. Police, Centrelink, etc and appropriate action can be taken.
For example if you state that you have a $100K income and they then issue you with an amended assessment for $100K and you then come back and so ohh that was a mistake I overstated my income they can refer this to the police as it is bank fraud or if your wife was receiving Child Care Benefits they may refer it to Centrelink for you to explain further to them. It can be nasty. I have seen it happen quite recently.
Originally posted by The Mortgage Adviser:No Mel, and they never would!
Only in cases where it could be criminal.
AND thats nothing to do with property, but more with the “other” source of funds invested in property
Originally posted by The Mortgage Adviser:Of course. I forgot that exclusion. I meant like to the bank or other private organisations.
Don’t they usually prosecute jointly?
They work in conjunction, and the criminal normally takes precedence, and the ATO gets involved in the aftermarth
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