Hi All, heard the usual hype this morning that ATO recruiting more staff to target investors who are ripping them off ….. bla bla bla…
Maybe silly question, but how does someone who is potentially cheating stand out amongst 1,000s. Does anyone know of the criteria they follow???[blink]
Hi Marisa,
My guess and in a single word ‘technology’ – when your return is processed by the ATO and numbers entered into the computer a series of red flags will come up when the numbers are ‘unreasonable’ – these will be followed up on and if necessary an audit conducted.
Technology will also cross reference financial institutions (who use your TFN) to ensure there is consistency between what you say and they say.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
My understanding is they look at your occupation, wage, investments, prior returns..then match you against other people in your occupation, then with similair investments, wages and various other ‘standards’..if you stand out- you get flagged..
REDWING[upsidedown]Then your world gets topsy turvy for a bit… ha ha
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorI’ve heard that about 85% of property investors audited were mistaken in their claims (usually not in the ATO’s favour of course).
I agree with the above. Anything out of the ordinary with trigger a red flag. eg if you claim double the average for travel, then they may ask you to substanitate teh claim.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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