eWombat Search

Latest Accounting News
Hot Issues
Capital Gains and Renounceable Rights
Treasury finds Australia 'increasingly uncompetitive' as US moves on tax plans
Australia's vital statistics
Our Advent calendar for 2017
SMSFs warned on ‘ticking time bomb’ with outdated deeds
Taxation ruling on commercial website deductibility
68% of SMEs ‘significantly stressed,’ 85% rely on accountants
Statutory wills are underutilised in estate planning
Small business slips on lodgement deadlines
300,000 SMEs utilising $20K write-off, says ATO
‘A bad thing times 10’: ATO set for new SMSF blitz
Capital Gains and Renounceable Rights
Paperwork bungles lead to $38k in payments
Australian Dietary Guidelines and healthy eating chart (PDF)
Former director liable for company’s unpaid tax liabilities
Resources on our site to help you, your family and your friends.
Super for housing measures enter Senate
No Special Circumstances to allow Excess Super Contributions
Housing tax measures progress to Parliament
Articles archive
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 of 2016
Articles
Charities need to lodge Annual Statements
ATO ramps up surveillance on unusual assets
ATO exposes dodgy deductions, with examples
Scammers New Ploy – “You Will Be Arrested”
Making sense of NALI
Locking Up Bank Accounts
Is the hype around the new super changes warranted or simply codswallop?
Change to salary sacrifice
ATO ramps up surveillance on unusual assets

One national accountancy network has reminded professionals the ATO is obtaining more than 100,000 insurance policies in an effort to identify non-compliance with reporting obligations, saying there is “very little chance” offenders won’t be caught.



       


 


The ATO's program aimed at identifying assets that it believes have not been properly accounted for or taxed is now in full swing, said Daryl Jones, HLB Mann Judd Brisbane's senior tax consultant. 


The tax office will be utilising data from a number of insurance companies to assess and identify the owners of these assets, allowing it to formulate an opinion on taxpayers who have reported very little taxable income in their personal tax returns but who have accumulated significant assets such as marine vessels, aircraft, thoroughbred horses and enthusiast motor vehicles.


The ATO will match the details on the insurance policy with the information it already holds on the taxpayer to identify non-compliance with registration, lodgement, reporting and payment obligations.


Those who are not complying with their reporting obligations have a "significant" chance of being identified, said Mr Jones, with the ATO's data-matching capabilities and connections with institutions and other government bodies now at their most advanced. 


Mr Jones explained the data collected will be used by the ATO to better understand the assets and wealth of particular taxpayers, and allow it to identify possible compliance issues with income tax, capital gains tax, fringe benefits tax, GST and superannuation.


"Where there appears to be a discrepancy, the ATO will contact taxpayers and give them the opportunity to verify the accuracy of the information prior to amending any income tax return," Mr Jones said.


"It is therefore a good idea to revisit the insurance policy of any lifestyle assets owned to ensure that all the details are correct and information is correctly reported on financial statements and income tax returns."



KATARINA TAURIAN
Tuesday, 13 September 2016
Accountantsdaily.com.au




26th-September-2016
 

Stapleton Group: 83a Boronia Road Boronia VIC 3155 | Phone: (03) 9760 7800 | Fax: (03) 9760 7860