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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. |
Looks like ScoMo and his mates want another surplus next year.
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"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. |
Santa
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....acf0a34078.png |
Would have looked better with a larger image but I don't know how to do it!
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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. |
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. |
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. |
Originally Posted by Sunfish
(Post 10643047)
But such is the downside of Australian culture that they aren’t labelled as silvertails like aircraft owners. |
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. |
Companies like Amazon and Google got too smart and now have to pay. |
Originally Posted by Sunfish
(Post 10643047)
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. |
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. |
Originally Posted by Lantern10
(Post 10643234)
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. |
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. |
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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.
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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. |
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