Go Back  PPRuNe Forums > PPRuNe Worldwide > The Pacific: General Aviation & Questions
Reload this Page >

ATO targeting people with "Private Planes"

The Pacific: General Aviation & Questions The place for students, instructors and charter guys in Oz, NZ and the rest of Oceania.

ATO targeting people with "Private Planes"

Old 18th Dec 2019, 00:02
  #1 (permalink)  
Thread Starter
 
Join Date: Feb 2007
Location: Australia
Posts: 315
Likes: 0
Received 0 Likes on 0 Posts
ATO targeting people with "Private Planes"

https://www.news.com.au/national/bre...7f5ceaaca81468
mcoates is offline  
Old 18th Dec 2019, 00:10
  #2 (permalink)  
 
Join Date: May 2019
Location: Sydney
Posts: 131
Likes: 0
Received 0 Likes on 0 Posts
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.
JustinHeywood is offline  
Old 18th Dec 2019, 00:16
  #3 (permalink)  
 
Join Date: Apr 2019
Location: Australia
Posts: 358
Likes: 0
Received 0 Likes on 0 Posts
If you’re not under reporting your income you have nothing to worry about. I support efforts made to investigate potential tax fraud.
Stickshift3000 is offline  
Old 18th Dec 2019, 00:31
  #4 (permalink)  
 
Join Date: Apr 2005
Location: Melbourne
Posts: 3,367
Likes: 0
Received 0 Likes on 0 Posts
Iíll be the opposite. They will wonder why my aircraft is such a cheap sh!t box based on my salary!
Squawk7700 is online now  
Old 18th Dec 2019, 01:23
  #5 (permalink)  
 
Join Date: Mar 2018
Location: Currently: A landlocked country with high terrain, otherwise Melbourne, Australia + Washington D.C.
Posts: 394
Likes: 0
Received 0 Likes on 0 Posts
"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.
Okihara is offline  
Old 18th Dec 2019, 01:33
  #6 (permalink)  
 
Join Date: Apr 2008
Location: Sydney
Age: 60
Posts: 437
Received 0 Likes on 0 Posts
Originally Posted by Okihara View Post
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 donít think itís broken, I think itís the best system the industry of smoke and mirrors could design.
roundsounds is offline  
Old 18th Dec 2019, 02:34
  #7 (permalink)  
 
Join Date: Sep 2018
Location: Melbourne
Posts: 2
Likes: 0
Received 0 Likes on 0 Posts
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!
machtuk is offline  
Old 18th Dec 2019, 03:36
  #8 (permalink)  

Victim of a bored god

Moderator
 
Join Date: Jan 1996
Location: Utopia
Posts: 7,037
Received 22 Likes on 13 Posts
"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.........
tail wheel is offline  
Old 18th Dec 2019, 05:01
  #9 (permalink)  
 
Join Date: Aug 2004
Location: moon
Posts: 3,471
Likes: 0
Received 0 Likes on 0 Posts
Simples, just register and insure the aircraft through a company structure, preferably offshore.
Sunfish is offline  
Old 18th Dec 2019, 05:19
  #10 (permalink)  
601
 
Join Date: Mar 1999
Location: Brisbane, Qld, Australia
Age: 76
Posts: 1,380
Likes: 0
Received 0 Likes on 0 Posts
tax but had some nice shiny planes.........
He or the company of which he was a director and shareholder?
601 is offline  
Old 18th Dec 2019, 05:32
  #11 (permalink)  
 
Join Date: Sep 2002
Location: Great South East, tired and retired
Posts: 3,986
Likes: 0
Received 9 Likes on 6 Posts
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.
Ascend Charlie is offline  
Old 18th Dec 2019, 05:42
  #12 (permalink)  
 
Join Date: Sep 2009
Location: space
Posts: 389
Likes: 0
Received 0 Likes on 0 Posts
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.
zanthrus is offline  
Old 18th Dec 2019, 06:22
  #13 (permalink)  
 
Join Date: Jul 2013
Location: Australia
Posts: 240
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by Ascend Charlie View Post
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?
RickNRoll is offline  
Old 18th Dec 2019, 09:57
  #14 (permalink)  
 
Join Date: Jul 2010
Location: sydney
Posts: 1,467
Likes: 0
Received 0 Likes on 0 Posts
" 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.
thorn bird is offline  
Old 18th Dec 2019, 10:10
  #15 (permalink)  
 
Join Date: Jun 2009
Location: what should be capital of Oz
Age: 66
Posts: 179
Likes: 0
Received 0 Likes on 0 Posts
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.
zanzibar is offline  
Old 18th Dec 2019, 10:20
  #16 (permalink)  
 
Join Date: Jan 2002
Location: australia
Posts: 1,594
Likes: 0
Received 1 Like on 1 Post
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.
aroa is offline  
Old 18th Dec 2019, 10:52
  #17 (permalink)  
 
Join Date: Mar 2005
Location: Cairns
Posts: 1,285
Likes: 0
Received 0 Likes on 0 Posts
Never mind Part 91 and 135 will save GA.

Last edited by Duck Pilot; 18th Dec 2019 at 21:36.
Duck Pilot is offline  
Old 18th Dec 2019, 11:11
  #18 (permalink)  
 
Join Date: Aug 2004
Location: moon
Posts: 3,471
Likes: 0
Received 0 Likes on 0 Posts
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.
Sunfish is offline  
Old 18th Dec 2019, 11:34
  #19 (permalink)  
 
Join Date: Oct 2004
Location: Australia
Posts: 254
Likes: 0
Received 0 Likes on 0 Posts
They are too gutless to take on the BIG BANKS that are really royally screwing us. .
ramble on is offline  
Old 18th Dec 2019, 11:54
  #20 (permalink)  
 
Join Date: Jul 2010
Location: YMMB
Age: 57
Posts: 701
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by ramble on View Post
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-1...0191212-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.
peterc005 is offline  

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2022 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.