You may have heard about the recent Anstis decision held by the High Court of Australia where a student was able to claim study expenses against her government assistance payout. Please review the circumstances for the 2011 financial year and note the change made by the recently handed down Budget.
The ATO has recently posted a real case scenario showing the extent of their data matching capabilities (and a result thereof). The below is a copy of this recent posting. Even if you do not have too many cash transactions, this may prove to be an interesting read!
Alicia: Hi, this is Alicia from the Australian Taxation Office calling for Mr John Smith.
John Smith: This is he
Alicia: I’m calling regarding the Activity Statement you have recently lodged for the June quarter.
John Smith: Ummm ….. yes!?
Alicia: It has come up for review and I was hoping to ask you a few questions.
John’s heart begins to pounce at 200 km’s per hour. He fears interrogation. What could they possibly ask? What if his answers are incorrect?
Despite the heart pumping harder that usual – following some simple proactive and reactive strategies will keep your heart attack at bay! […]