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Tax cheat crackdown

The Australian Crime Commission (ACC) and the ATO are working together to identify and catch tax cheats.

The $2 million contract commenced on 26 August 2013 and will be in force for two years.

The ACC will supply the ATO with static and mobile surveillance in an effort to catch individuals who are not fulfilling their tax obligations.

This new tax surveillance team will be focusing on key areas of tax crime that were identified as hotspots by the Tax Office.

These key areas can expect to be scrutinised under the new surveillance arrangement:

-international tax evasion, and in particular the people who advise cheats

-refund fraud; people who dishonestly claim refunds, rebates or offsets that they are not entitled to

-the cash economy; when people do not declare the cash they receive as income

-fraudulent activity; where a company goes into liquidation and leave its debts behind while the assets are shifted into a new entity that begins trading again

-tax avoidance scheme; an array of arrangements that involve the use of a trust to avoid tax and super laws

Posted on 16 January '14 by , under Tax.

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Transition to retirement

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

  • Starting a TTR pension: To start your TTR pension, transfer some of your super to an account-based pension. You have to keep some money in your super account so that you can continue to receive your employer's compulsory contributions as well as any voluntary contributions you may be making.
  • Government benefits and TTR: The benefits you or your partner receive might be impacted if you choose to opt for this strategy. How and what exactly will change might become clearer upon discussing this with a Financial Information Service (FIS) officer.
  • Life insurance and TTR: In some cases, the life insurance cover you have with your super may stop or reduce if you start a TTR pension – check this before making any decisions or changes.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.

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