18 | Net Capital Gain
Calculating your capital gain or loss is only the first part of the exercise. The second part is working out the amount of your net capital gain.
Calculating your capital gain or loss is only the first part of the exercise. The second part is working out the amount of your net capital gain.
The Commissioner has the power to levy administrative penalties against taxpayers. ATO penalties and interest are some of the Commissioner’s powers to keep taxpayers in line.
Lodging an objection is a first step. When you don’t agree with the ATO and want to do something about it.
Tax evasion is a heavy word. Accuse somebody of tax evasion and you surely get their attention. But what is tax evasion?
Amendment periods can work for or against you, depending on who wants to change what and when.
Payment arrangements with the ATO are expensive due to high interest rates. So best to avoid using the ATO as a bank.
A director penalty notice allows the ATO to cut through the corporate veil of a company and go for the individuals behind it – the directors. Here is more.
It might feel at times as if you have no rights against the ATO. But you do. They are listed in the Taxpayers’ Charter.
The Commissioner of Taxation decides who needs to lodge tax returns in what form and by what date. The law itself is relatively silent on the matter.
Tax collection is an essential function of our tax system. Imagine if that wasn’t working. It would undermine everything.
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