Taxman chases Property Cheats
Came across some interesting information the other day..
The taxman is looking at developers especially those that claim that the profit of a sale of a property is a capital gain and not income in order to get tax advantages, they will be looking at developers holding properties in different companies and trusts to avoid the fact that they are developers.
This will be done through their data matching project on property transactions from 1999 to now.
So beware
Mum and Dad developers- who may have subdivided a back block for another house or any other 1 off and do not declare their gains..Related party transactions- property transactions done through family members who fail to declare CGT.
Rental IP Investors- who do not declare CG after a sale.
Those that provide conflicting information to state authorities and the ATO, including developers that claim a new unit is second hand.
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