Tax Office Now watching Our Car Buying etc !!!!

[Miss_XR6]

Im with Geez Louise must be more of trying to find money used from illegal gains/crime ect

For the average joe blow who saves his money for 2 years and than splurges on a holiday or buys a new car ect shouldnt have to worry

[04redxr8]

So when do we get to audit GovCo about how they spend our taxes?

Billion dollar De-Sal plant that doesn't work?

[charles_wif_xf]

Originally Posted by 04redxr8

So when do we get to audit GovCo about how they spend our taxes?

Billion dollar De-Sal plant that doesn't work?

When 500,000 of us turn up to Parliament House with the intent to roll heads.

[Riksta]

Originally Posted by pottery beige

joolia goolia panic stations screw tax payer time....

[Ben73]

What's the go with capital gains tax. If I buy something for $50 and sell it for $80 do I legally have to pay tax on that $30 profit or is it only if you earn over a certain amount a year in capital gains.

[MattsDisturbed]

Never thought I'd say this but now that I come to think of it, ahh what a joy it is to be a pennyless uni student and therefore not have the dosh to splash around and get taxed on!

[z80]

I wish the ATO would watch every single transaction i make.

Then maybe I wouldn't need to do the boring, mind rooting BAS statements for stuff they should already know about?

[Smoke Pursuit]

Good luck with the ATO... They may have the tools to watch everything we do but sadly for them they do not have the man power to chase much up.

If you do the right thing then there's nothing to worry about. Not many people pay cash for cars, over 10,000 anyways.. Most draw down on their mortgages to do so or finance.

[mik]

well it`s good to catch scum bags ripping off the system , but to me there should be a limit, fairdinkum , ten thousand buks to buy a car? it will probably be 5 to 10 years old pos, what about the pensioner been saving pennies hard for a holiday for 7/10 years, suddenly decides to have a splurge and go on well deserved cruise.
i have been thinking that big brother is way bigger than many realize, the govco has been heading in this direction for years,
take note how much disposable income you have, govco knows how much you earn, how much you have left, they control the whole country`s labor force`s disposable income in reality by taxes, the same goes for most business,
the reason they are dirty on the mining companies is they have`nt extracted enough from them yet, they like to keep us like peasants just dangling enough disposable income to keep the gears turning so to speak and stay in power........... govco is really the Matrix !

[Andy777]

just had a meeting with our ATO relationship manager

they are going after cash industries and those that report outside the industry benchmarks

they already have identified clients from each category, next they will look at the lifestyle of the clients.. before deciding to audit or issue default assessments

so thats where the cars come in to play, they are looking to see if you have baught a new car, boat, paying of a huge mortage but have declared a low income etc etc

[jimmyxr6t04]

Can someone really be liable for capital gains on the sale of a car? Surely not, if so, bugger it, i'll start claiming the interest!!

[Franco Cozzo]

Wouldn't surprise me if they start lurking things like Facebook etc to see what people do, lifestyle, cars etc.

[castellan]

Look at the culture of the Greeks they have destroyed themselves because of them tyring to avoid paying tax then the low life want the Germans to come and save them.
And we have a scumbag bunch of trash in this country doing the same avoiding tax full on.
I have had arguments with clients who refuse to pay the tax and they were full on refusing to pay and abused the hell out of me for it and then ran around getting other trade shops to stop giving me work because of it.
The other trade shops were so angry with me for not doing it that i have lossed a hell of a lot of work but i don't want to be some low life running around hiding things from anyone as that stuff make me feel sick.
I think it's like drugs once you start you can't stop and one day you will cop it full on.

[charles_wif_xf]

Small, very limited government of the people, by the people and for the people would obviate the need for income taxation. Excises and tariffs on imports would be more than enough to pay its way.

[Squish]

I might actually have some interesting issues with this. I work for a not for profit organisation that allows me to salary package a large percentage of what I earn. Which means that some weeks my taxable income comes in as low as around $300, even though I earn considerably more than that. So from the ATO's view my disposable income would be WAY more than what they see come out of my tax.
Now while I don't do anything illegal or dodgy I still don't like the idea of the ATO poking around in my finances.

[nipper575]

Originally Posted by Ben73

What's the go with capital gains tax. If I buy something for $50 and sell it for $80 do I legally have to pay tax on that $30 profit or is it only if you earn over a certain amount a year in capital gains.

Depends on what it is, there are many items that aren't considered capital. Say if you bought an antique painting for $100,000, spent $50,000 repairing it and sold it for $200,000 over 12 months later, you will pay tax on a discounted capital gain of $25,000. The reason why you don't pay tax on the $50,000 is because if you hold onto a capital item for over 12 months, you qualify for what is known as a discounted capital gain.

Think that's correct, been a while since I did this unit. When I did study taxation at uni, cars under no circumstances, regardless of them being vintage or collectable, were subject to capital gains tax. Looks like this is changing...

[BHDOGS]

Lol these threads crack me up every move is a government conspiracy these days there evil after ur bread and butter realistically the system is dam good if people bothere to look around they'd realize it's not so bad talk to my friend from Russia about his country for a few hours and ull be putting away ur red hat and be begging to pay ur taxes

[charles_wif_xf]

Originally Posted by BHDOGS

Lol these threads crack me up every move is a government conspiracy these days there evil after ur bread and butter realistically the system is dam good if people bothere to look around they'd realize it's not so bad talk to my friend from Russia about his country for a few hours and ull be putting away ur red hat and be begging to pay ur taxes

The Cool-Aid stand is over there.

[jimmyxr6t04]

Originally Posted by nipper575

Depends on what it is, there are many items that aren't considered capital. Say if you bought an antique painting for $100,000, spent $50,000 repairing it and sold it for $200,000 over 12 months later, you will pay tax on a discounted capital gain of $25,000. The reason why you don't pay tax on the $50,000 is because if you hold onto a capital item for over 12 months, you qualify for what is known as a discounted capital gain.

Think that's correct, been a while since I did this unit. When I did study taxation at uni, cars under no circumstances, regardless of them being vintage or collectable, were subject to capital gains tax. Looks like this is changing...

So, if cars become liable for capital gains tax, will the average person be able to claim more against them? Cars in general don't go up in price, so when you do buy one, collectable or not, you generally stand to lose money. Stuffed if you want to pay tax on a car where you might actually gain some money!

Would be very nice to claim the interest on a car loan/lease as a tax deduction!

[nipper575]

If cars are subject to the same treatment as everything else that is considered a capital asset, then technically I guess that money spent on them to preserve or add value would be considered an expense and in turn reduce the cost base of the asset. BUT the big thing is, it is only when you sell a car for more than you paid for it that the above expenditure would have any effect. The expense is offset against the gain to lower it, then it is taxed at whatever bracket you are in. As most people would have a capital loss, it will be interesting to see if they let you carry it forward to offset it against other capital gains.

CGT was a fairly muddy area, there's a lot that I'd be forgetting now.

[MarkAW]

I can definitly report that the ATO is checking bank statements against what you show as interest/earnings.

I stated an amount of interest which was exactly $200 less in my 2009/10 which on discussion with my Tax Agent we believe to be a typo. The ATO sent me a letter 12 months ago to advise the mistake and later sent a bill for the taxable difference. The ATO didn't fine me and accepted our claim as a typo but did warn of future errors. Warning heeded.

[BFZ Wagon]

This is all getting extremely depressing. We may as well all just stay inside our homes and wait to die. I'm sure that Govco/BB will be watching us do that too.

We can't afford to go anywhere or do anything anymore and even if we do, some stupid govco dept or someone else in this world wants a piece of us, so why do we even bother??..

[Miss_XR6]

Originally Posted by MarkAW

I can definitly report that the ATO is checking bank statements against what you show as interest/earnings.

I stated an amount of interest which was exactly $200 less in my 2009/10 which on discussion with my Tax Agent we believe to be a typo. The ATO sent me a letter 12 months ago to advise the mistake and later sent a bill for the taxable difference. The ATO didn't fine me and accepted our claim as a typo but did warn of future errors. Warning heeded.

My bank reports all interest into the ATO portal (which all banks should)
My accountant than goes off that as that is what the bank has stated

Your bank should do the same

[trippytaka]

ridiculous! Yet the entire system is set up to give the rich bigger tax breaks.

Interesting... I will certainly watch what I am doing with the promo car we buy for trippytaka this year! Make sure it's all done by the book.