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The tax man is coming (to Australia)

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    The tax man is coming (to Australia)

    It appears that the Aussie tax man is unhappy with some people’s tax returns and is asking insurance companies for policy details of “high end” assets to compare to submissions.

    Apparently a car over £34k is classed as luxury.


    ATO ‘red flags’: Tax office requests insurance information on taxpayers




    Sent from my iPhone using Tapatalk
    Twitter: jonsmile

    #2
    The tax man is coming (to Australia)

    Where does it say that it’s classed as luxury?

    Comment


      #3
      Ok. I was paraphrasing.

      It called them “lifestyle assets”




      Sent from my iPhone using Tapatalk
      Twitter: jonsmile

      Comment


        #4
        Originally posted by JonSmile View Post
        It appears that the Aussie tax man is unhappy with some people’s tax returns and is asking insurance companies for policy details of “high end” assets to compare to submissions.

        Apparently a car over £34k is classed as luxury.


        ATO ‘red flags’: Tax office requests insurance information on taxpayers




        Sent from my iPhone using Tapatalk
        Well it is - you can get a car which fulfils the function of getting you from A to B for less than that.

        Comment


          #5
          The point is that the tax man is reconciling assets against income. May not happen here (are insurance records subject to GDPR? Can the tax man go on a fishing expedition by requesting blanket records for everyone?).

          Even if it did happen here, the Russian oligarchs and Sarf London drug dealers are hardly likely to be furnishing tax returns anyway

          Comment


            #6
            or getting insurance on their 7 series/Range Rover.

            However knowing who owns a £30k+ car and is reporting earning £10k living in Kensington etc. is probably a very good test.
            Always forgive your enemies; nothing annoys them so much.

            Comment


              #7
              Originally posted by vetran View Post
              or getting insurance on their 7 series/Range Rover.

              However knowing who owns a £30k+ car and is reporting earning £10k living in Kensington etc. is probably a very good test.
              Oi...

              My car was only £16k when I bought it 10 years ago

              Comment


                #8
                Originally posted by original PM View Post
                Well it is - you can get a car which fulfils the function of getting you from A to B for less than that.
                You can... but who'd want to? Your chauffeur would refuse to get behind the wheel.
                Down with racism. Long live miscegenation!

                Comment


                  #9
                  Originally posted by ladymuck View Post
                  Oi...

                  My car was only £16k when I bought it 10 years ago

                  you call yourself a drug dealer? £16k would just about pay for your signet ring.
                  Always forgive your enemies; nothing annoys them so much.

                  Comment


                    #10
                    Originally posted by JonSmile View Post
                    It appears that the Aussie tax man is unhappy with some people’s tax returns and is asking insurance companies for policy details of “high end” assets to compare to submissions.
                    And the problem is exactly what, violation of privacy rights of tax evaders?

                    Comment

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