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ATO targeting people with "Private Planes"
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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. |
If you’re not under reporting your income you have nothing to worry about. I support efforts made to investigate potential tax fraud. |
I’ll be the opposite. They will wonder why my aircraft is such a cheap sh!t box based on my salary! |
"Doing things like being untruthful about your income or failing to declare capital gains is effectively stealing from the community," Ms Jenkins said. |
Originally Posted by Okihara
(Post 10642375)
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.
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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! |
"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. |
Simples, just register and insure the aircraft through a company structure, preferably offshore. |
tax but had some nice shiny planes......... |
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.
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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. |
Originally Posted by Ascend Charlie
(Post 10642467)
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.
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" 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. |
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. |
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. |
Never mind Part 91 and 135 will save GA. |
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. |
They are too gutless to take on the BIG BANKS that are really royally screwing us. . |
Originally Posted by ramble on
(Post 10642681)
They are too gutless to take on the BIG BANKS that are really royally screwing us. . 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. |
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