9 in 10 landlord tax returns are wrong. BTW I don't have a problem with landlords and I am not one and never was.
https://www.abc.net.au/news/2023-01-18/landlord-tax-returns-…
Landlords. The Tax Man May Be Looking at You
CurlCurl on 18/01/2023 - 10:55
Last edited 18/01/2023 - 11:05
Last edited 18/01/2023 - 11:05
Comments
cool beans
cool pizza
Kewl majewl
9 in 10 landlord tax returns are wrong.
so they only checked 10?
9 out of 10 dentist use…. Oral-B
true story, saw it in an ad
I would like to know what back exercise routine the bloke in the ad uses? His back is ripped as hell?
Can’t be true, everyone knows landlords are benevolent and just the absolute best kind of people. More left wing bs.
/s
same as tenants…
But the article is about landlords.
But you are responding to jv
Nice try ATO.
Lol what a non event.
Every 2nd year there is article like this.
- 2023: Landlords, the tax man may be looking at you.
- 2022: Cryptobros, the tax man may be looking at you.
- 2021: Gig economy workers, the tax man may be looking at you.
- 2020: WFHers, the tax man may be looking at you.
- 2019: OnlyFans 'Influencers', the tax man may be looking at you.
- 2018: …
The way of these guys act you'd think it was their money?
2019 was actually "Tradies with $80k Ford Raptor "work vehicles" that go 4wding and tow their jetskis to remote lakes each weekend and claim 100% work use, the tax man may be looking at you"
2019: OnlyFans 'Influencers',
Well I never got audited so it's just all talk.
so 10% of landlord aren't claiming enough deductions or using the same tax agent to make their claims?
This is so funny. I got penalized for doing the right thing (Travelling to REA / Rental Property - Lessee's husband passed away and travelling to give condolences) and my existing assets such as carpets/ACs would have been all denied deductions because they gave up policing the legislation?
No wonder they got turfed out of office.
Fortunately, these were not grandfathered and so I wasn't affected much other than travel which would have been once off.
A little confused at what you're trying to convey.
Checkout the username… 😁
lol
No wonder they got turfed out of office.
Get REAL - ATO lives on with or without, Scotty or Albo
BURNRage - I'll vote for the other party next election if you Audit me.
ATO - ROFL
So they know $33b is lost but want to focus on the $1b?
I would suggest most tax returns had 'issues'.
People generally also inflate deductions, investors are no different.
The high level of errors can also come from the fact that tax returns are much more complex when we go into things like depreciation and determining whether expenses are applicable in whole or partly.
No doubt there are owners who boldly try it on as they think the ATO won't know.
Start with the Aus corporates first before talking about landlord. A third of large Aus companies paid almost zero tax in FY21 despite being hugely profitable.
I wish to I could transfer price income from my investment properties to other related entities overseas.
ATO knows individual tax papers can't afford to the fight the ATO in court
All large Australian companies are audited by an ASIC approved independent auditor.
If a company is paying no tax when there is a profit there is a reason, usually carried forward losses. The consequences of not allowing carried forward losses would be many multiples worse for the economy than the current practice of allowing them.
Or "loans" involving foreign entities, so they never generate a profit ;)
https://www.ato.gov.au/Business/Large-business/In-detail/Tax…
These need to be "arms length" transactions. And I agree they need to continue to assess these transactions.
However, the point was "hugely profitable" companies are paying no tax. If they are reporting profits but paying no tax then it is likely to be carried forward losses.
@happydude: That's even easier. Have your foreign entity fund a multi billion "project" and its losses for decades!
Gotta love being rich.
Both of you are right. A combination of both normally which results in very low to nil tax paid. Dont ask me how I know.
Por que no los dos? Go after both.
The word 'landlord' just sounds so…. tossy!
I'm no landlord or tenant myself (and when I was a tenant before, I only had good experiences with landlords), but I wonder if the sound of that word feeds into anyone's ego… haha
Some of them do landlord it over us, yes.
VCAT is trying to outlaw the term 'landlord' and substitute "rental provider".
Let's just call landlords what they generally are. Slumlords.
Us Lords call them peasants, not Tenants.
If you look at most property it is the land that it sits on that is worth money.
Tenant housing stock is pretty shocking quality.
like i said on the other thread why not just making sure all the tradies are doing the work with GST ?
very easy to enforce, just make a new law that every one caught offering a job with GST will be fined 10x the job amount, tradie licence cut off. ban.fine go both ways for the tradie AND the customers! fair game.
and reward for someone who reporting this (and proven). even better!thats it. ATO, you'll see millions $ of gst coming in no time.
I'd be less worried about GST than income tax.
This is a massive leak. Think the $80k ute that is a business expense (not after tax dollars like salary earners), then they get to use it FBT free. Most likely not just 1 vehicle but 2 vehicles in the family.
Then they take cash (okay you might lose 10% in GST but you have to spend the cash on something or gamble it, gambling is good because gambling taxes are high). Wage earners have to gamble with after tax dollars.
The UK tax office has a unit called "the nudge" effectively what they do is figure out how to send you letters which entice you to pay your taxes.
How your taxes are spent sent as part of your tax assessment is learning from that.
They leak information by telling you what they are looking at this tax year, who is prosecuted etc as part of the "nudge." In fact I am pretty sure they choose the person who owes enough but doesn't have enough money to mount a proper defense with best lawyer and will lose enough to scare everyone else. It isn't the matrix but they know how to manipulate you.
The ATO already provides a piechart indicating what percentage goes to each area of expenditure. eg. Health, defence, education etc
What a revelation
Why doesn't the ATO get a loan for $1bn, get the best lawyers money can buy and go after the rich people etc for the $TRILLIONS they owe ???
<hmmm, maybe because the system is working as intended>
cool bananas