Prosecution: Failure to Lodge Tax Return
Did you know it is an offence to fail to lodge an income tax return and can result in criminal charges and a criminal record.
The charge is heard by a magistrate at the Local Court.
Generally the ATO gives fair warning that you have failed to lodge a tax return (or BAS return) and sends you a letter. DON’T IGNORE THEM
If the ATO decides to prosecute they will issue what is known as a Court Attendance N[...]
Tax fraud or evasion is treated very seriously by the courts. There are close to 100 serious criminal tax offence matters currently before the courts for […][…]
Superannuation legislation does not deal with the situation of one trustee behaving improperly in relation to their Self Managed Super Fund (SMSF) obligations and the other […][…]
One of the benefits of a Self-Managed Superannuation Fund (SMSF) is the 15% tax rate. However if income is ‘non-arm’s length’, the income will be subject to […][…]
A recent AAT decision has found that taxpayers who acted on the advice on the agent and entered into a loan arrangement using their SMSF funds had early accessed their benefits and were therefore assessable on those benefits at the time that they were initially released. The arrangement was a sham even though the taxpayers did not have the necessary intent to enter into a sham arrangement. The agent was aware it was a sham and the agent’s intention was the applicable one.[…]