MarineBusiness-World.com Advertising Info Advertising Info

 
News Home Text Only News Festival of Sails Sydney Hbr Regatta Alinghi - Auction Boat Asia 2012
World Cruising Australian Cruising Boats for Sale FishingBoating-World Powerboat-World

 


Sail-World.com : ATO Targets Boat Owners

ATO Targets Boat Owners

The Australian Taxation Office (ATO) will investigate up to 160,000 individuals and entities that have registered a boat in the past 2 years, according to Deloitte tax partner David Pring.

“We are looking to flush out areas of non-compliance in areas of tax,” he says, adding that his advice to business owners is “to make sure your tax records are up to date, and all of your tax affairs are in order”.

“Business owners who own a boat need to focus on risks associated with the business. They can often be complex. There are issues within a business that aren’t black and white and legislation or requirements may change over the years.”

As Pring explains: “The ATO is embarking on a data matching exercise of all individuals and organisations that have registered boats in Australia. The data will be matched with tax office records to attempt to highlight areas of non-compliance with tax obligations.”

Pring recommends conducting a self-audit or bringing in an independent expert to “assess the risks and give their assessment of what could come up if the tax office came looking”.

“What we’re looking at is that taxable incomes are sufficient to support boat that’s being purchased, mostly targeting people outside the tax system, buying boats with cash. Australians should be happy that the ATO is working on this.”

Adding one more pressure to the boating sector is an unfortunate coincidence. “It is certainly interesting timing given the announcement as it coincides with soaring fuel prices and is at a time when boat sales are suffering in the current economic times.

“It is also curious that the announcement comes just before the Sydney Boat show, the biggest boat show in Australia.”

Boat owners will not know that they are under investigation as the program will be run as a data matching exercise. The tax office will be contacting boat owners only if they find an issue that needs to be clarified or actioned.

“The ATO will be examining the taxation records of registered boat owners to ensure that there are no outstanding lodgements or payment obligations. The examination is likely to be across all tax areas including income, tax, superannuation, GST, FBT and not just boat related issues.”

Child support could also be included in the mix.




by Jeni Bone

  

Click on the FB Like link to post this story to your FB wall

http://www.marinebusiness-world.com/index.cfm?nid=46764

10:59 PM Tue 22 Jul 2008 GMT



Click here for printer friendly version
Click here to send us feedback or comments about this story.


 
Our Advertisers are committed to our sport, please support them!
This site and its contents are © Copyright TetraMedia Pty. Ltd and/or the original author, photographer etc. All Rights Reserved.

Photographs are copyright by law. If you wish to use or buy a photograph you must contact the photographer directly (there is a hyperlink in most cases to their website, or do a Google search.) with your request.

Please do not contact Sail-World.com as we cannot give permission for use of other photographer’s images.

Only if the photographer named on the image is Sail-world.com, Powerboat-world.com or Marinebusiness-world.com Contact us .
Ph: +61 2 4977 2116 fax: +61 2 4977 2528 or complete our feedback form    Contact us .
   View our Privacy Policy.    [Go Home]     [  Banner Advertising Specification]    [Bot Archive ]

Customised news feeds -Marine Industry companies, Clubs and Associations have their own customised version of our Sail-World news feed on their website.
Look_here_to_see_examples