ATO targeting people with "Private Planes"

[mcoates]

https://www.news.com.au/national/breaking-news/tax-office-wants-details-of-yachts-and-art/news-story/42268336059c00933d7f5ceaaca81468

[JustinHeywood]

from the article

... "If a taxpayer is reporting a taxable income of $70,000 to us but we know they own a $3 million yacht then this is likely to raise some red flags," ATO deputy commissioner Deborah Jenkins said on Wednesday.

Sounds pretty reasonable to me.

[Stickshift3000]

If you’re not under reporting your income you have nothing to worry about. I support efforts made to investigate potential tax fraud.

[Squawk7700]

I’ll be the opposite. They will wonder why my aircraft is such a cheap sh!t box based on my salary!

[Okihara]

"Doing things like being untruthful about your income or failing to declare capital gains is effectively stealing from the community," Ms Jenkins said.

Loving this. Don't under report your income. Just keep maximising your tax returns with every imaginable expense instead, and you'll be fine mate. The sheer number of tax advisors in this country is a symptom of a broken taxation system.

[roundsounds]

Loving this. Don't under report your income. Just keep maximising your tax returns with every imaginable expense instead, and you'll be fine mate. The sheer number of tax advisors in this country is a symptom of a broken taxation system.
I don’t think it’s broken, I think it’s the best system the industry of smoke and mirrors could design.

[machtuk]

The ATO ought to close up the loopholes that have big business paying SFA in taxes! Australia us such a weak nation when it comes to fairness within our corrupt GOVT!

[tail wheel]

"If a taxpayer is reporting a taxable income of $70,000 to us but we know they own a $3 million yacht then this is likely to raise some red flags," ATO deputy commissioner Deborah Jenkins said on Wednesday.

No wonder the ATO were always on to Kerry Packer. Poor b*ggar must have had zero income 'cause he paid zero tax but had some nice shiny planes......... :}

[Sunfish]

Simples, just register and insure the aircraft through a company structure, preferably offshore.

[601]

tax but had some nice shiny planes.........
He or the company of which he was a director and shareholder?

[Ascend Charlie]

As KP said, he paid exactly what the ATO asked him to pay. Why would he pay any more than that, the govt had no idea how to spend it properly anyway.

[zanthrus]

The ATO Commissioners son stole $160 million dollars and his father helped him. So I don't give a F#ck about using loopholes or claiming deductions. Stuff em!

Kerry Packer said it best below.
https://www.youtube.com/watch?v=DBg7DnQjjcY

[RickNRoll]

As KP said, he paid exactly what the ATO asked him to pay. Why would he pay any more than that, the govt had no idea how to spend it properly anyway.
Yet he was quite happy to blow millions on his gambling addiction. What is 'proper' about that?

[thorn bird]

" What is 'proper' about that?"

Whats improper about that?

His money. If he wanted to piss it up against the wall gambling, up to him.
Not much different to the government taking it and pissing it up against the wall on political brain farts.

[zanzibar]

His money. If he wanted to piss it up against the wall gambling, up to him.
Not much different to the government taking it and pissing it up against the wall on political brain farts.

His money to do with as he wishes as against our money for which I expect some responsibility in its spending.

[aroa]

Plenty of "brain farts" about.
This is only a very small one... To save a little itty bitty piece of a reef , some brain snappers in BNE reckoned it would be a good idea to put a pump down below and push cooler water up over the reef patch....$4.5mil.
That should save the GBR at 2500 kms long and 160kms wide in places.!! How many thousands of reef bits??
Dont know if it got into the water, but it went very quiet soon after.

Millions went into a facility built up thr cape to study ???, Labs, accom etc etc bunch of brand new tractors for doing something, they all got burnt in a bush fire and the place was never used.
Next...
And dont get me started on the mega millions CAsA have pissed away with nothing to so for it,,,apart from an angry GA Industry.

[Duck Pilot]

Never mind Part 91 and 135 will save GA.

[Sunfish]

The problem with the ATO action is that it’s not new. Buy a Porsche or Ferrari, get a tax audit. The smart money knows how to avoid these traps. The problem for the rest of us is that the general public think that anyone with an aeroplane or a yacht is a tax dodger. That’s not great for the economy.

[ramble on]

They are too gutless to take on the BIG BANKS that are really royally screwing us. .

[peterc005]

They are too gutless to take on the BIG BANKS that are really royally screwing us. .
Not really, the Banks and local and too high profile to cheat much on tax.
https://www.afr.com/wealth/tax/top-10-biggest-firms-paying-23-billion-in-tax-20191212-p53j91

Worst tax offenders are (USA) multinationals, who can use transfer pricing to move profits around.

Some criticism is deserved for countries like Ireland and Singapore who make an industry out of facilitating tax minimisation at the cost of the rest of the developed world,

Companies like Amazon and Google got too smart and now have to pay.

BTW the family company that owns our small plane got an ATO call during the week chasing outstanding tax returns.

[gerry111]

Looks like ScoMo and his mates want another surplus next year.

[thorn bird]

"Never mind Part 91 and 135 will save GA"

Part 91 and 135 are simply the nails for GA's coffin.

Trouble is, after pissing away half a billion bucks to kill us they wouldn't even provide a decent coffin.
Our coffin is made of inappropriate paper, nails not appropriate, glue would be better.
Carmody touts the end of the "Reform" program after thirty years.
He would have been more truthful announcing the end of the scourge of General Aviation.

[RodH]

Next thing you know the ATO will be after this bloke to tax his means of transport.
As can be seen Santa does not regard the ATO very highly as most people don't either !!!


https://cimg3.ibsrv.net/gimg/pprune.org-vbulletin/140x105/ato_santa_982120afc847641f15f56e6be484b7acf0a34078.png

[RodH]

Would have looked better with a larger image but I don't know how to do it!

[Sunfish]

The ATO would be better advised to target owners of American Dodge Ram utilities along with a caravan or speedboat. The number of tradies with a Dodge Ram and a $100,000 caravan or wakeboard boat - total rig $150,000 - $200,000 + around here is just eye watering.

But such is the downside of Australian culture that they aren’t labelled as silvertails like aircraft owners.

[lucille]

I suspect this little fishing expedition by the ATO will flush out those in the grey cash only economy and of course those in the non-pharmaceutical drug industry.

Its not (yet) a crime to own a yacht, plane or Ferrari. Not so sure this publicity stunt by the ATO is anything to get excited about.

ps... totally concur with everyone’s sentiments about governments incinerating our tax dollars... but that’s a whole seperate issue.

[Blueskymine]

If you had any of those things and they were worth that type of money, you’d be crazy to have it registered to you personally.

Companies, trusts, etc. You don’t get rich or stay rich by paying lots of tax.

[Flaming galah]

But such is the downside of Australian culture that they aren’t labelled as silvertails like aircraft owners.

Let’s face it, the death of Australian culture began the very moment the transgender lobby and feminists united to stop schoolboys taking their firearms on public transport.

[Squawk7700]

Some years back the ATO requested the registration register from RA-Aus because owners were hiding behind their confidentiality clause on the regos. Apparently a number of “pensioners” were getting around in $100k+ aircraft.

An aircraft owner mate told me years ago that on the pension form it says words to the effect of “do you own any assets such as a caravan or boat” and he said he didn’t mention it because aircraft was not on the form.

[601]

Companies like Amazon and Google got too smart and now have to pay.
and the favourite of the people who complain the most about large companies - Apple

[plainmaker]

The ATO would be better advised to target owners of American Dodge Ram utilities along with a caravan or speedboat. The number of tradies with a Dodge Ram and a $100,000 caravan or wakeboard boat - total rig $150,000 - $200,000 + around here is just eye watering.

But such is the downside of Australian culture that they aren’t labelled as silvertails like aircraft owners.

Perhaps a little closer examination of the audit parameters is called for. Any motor vehicle over the luxury car tax threshold gets their attention. So effectively every Dodge RAM transaction would be on their radar (quite apart from the FBT also).

[Lantern10]

There is a book/pdf available called "The essential underground handbook"
This explains all the ways the rich keep their money in safe places and far away from the prying eyes of tax inspectors, governments and any other nosey parker.

Well worth a read.
Sorry can't post a link.

[lucille]

There is a book/pdf available called "The essential underground handbook"
This explains all the ways the rich keep their money in safe places and far away from the prying eyes of tax inspectors, governments and any other nosey parker.

Well worth a read.
Sorry can't post a link.


Cant post a link? FFS... here we are salivating for this information.. at least give us a teeny clue.

[industry insider]

If you had any of those things and they were worth that type of money, you’d be crazy to have it registered to you personally.

That's the best way to do it, then lease it to your company at a profit to you personally.

[ricardian]

Essential underground handbook (http://index-of.co.uk/Tutorials-2/Essential%20Underground%20Handbook%20(P%20M%20L%20Publishing ).pdf)

[Winemaker]

Essential underground handbook (http://index-of.co.uk/Tutorials-2/Essential%20Underground%20Handbook%20(P%20M%20L%20Publishing ).pdf)

You beat me to it!!!!

http://index-of.co.uk/Tutorials-2/Essential%20Underground%20Handbook%20(P%20M%20L%20Publishing ).pdf

[krismiler]

In the USA, the tax authorities even look at magazine subscription lists to find undeclared income. Someone filing a $60 000 return and reading about yachts, luxury travel or something indicating expensive tastes would likely get looked at.

[neville_nobody]

The ATO would be better advised to target owners of American Dodge Ram utilities along with a caravan or speedboat. The number of tradies with a Dodge Ram and a $100,000 caravan or wakeboard boat - total rig $150,000 - $200,000 + around here is just eye watering.

Not to mention people who run the renovation materials through the Business tax free, do a nice flash reno, then sell the house tax free. Surely the ATO in this day and age can start looking at the house valuation vs the declared income.

[lucille]

Essential underground handbook (http://index-of.co.uk/Tutorials-2/Essential%20Underground%20Handbook%20(P%20M%20L%20Publishing ).pdf)

Interesting reading but, I think, a bit dated and really better suited to our American cousins who enjoy significantly more individual liberties than we do here in Gulag Antipodes.