Tax office looking at super contributions
The Australian Tax Office (ATO) expects more than 6000 investors will attempt to avoid capital gains tax by not reporting the proceeds of a property sale. The ATO is carefully making preparations to assess any returns where the taxpayer was contributing large lump sums into superannuation this year. The ATO intends on cross referencing super contribution records provided to them by the Super funds and property sales recorded on land titles registers. The ATO is also zeroing in on CEO's after a study into 777 directors and executives at 160 listed companies found 30 had not filed a tax return, and in some cases it was habitual non-compliance with a total of 83 tax returns missing.