The tax man is coming (to Australia)

[AtW]

It’s a fantasy to think that large by value registrable property won’t be fully reported to tax man.

HMRC already got DVLA, Land Registry, Companies House etc info.

Only problem if you are a tax fraud.

[meridian]

And the problem is exactly what, violation of privacy rights of tax evaders?

When they’re requesting the information from the insurance companies they don’t know whether they are tax evaders or not.

Whether it’s a “violation of privacy rights” depends on whether or not you, as a private and law-abiding citizen, are happy with your insurance details being passed to the tax man for them to pore over.

[AtW]

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?

[vetran]

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.

[NotAllThere]

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.

[ladymuck]

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

[vetran]

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.

[meridian]

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

[original PM]

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




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

[JonSmile]

Ok. I was paraphrasing.

It called them “lifestyle assets”




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[meridian]

The tax man is coming (to Australia)

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

[JonSmile]

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