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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Thursday, 04 June 2020

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Creative excuses blasted as tax case thrown out of court

By Reporter · February 11 2019

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Creative excuses blasted as tax case thrown out of court

By Reporter
February 11 2019

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Creative excuses blasted as tax case thrown out of court

By Reporter · February 11 2019

Reading:

A court has convicted and fined a man $6,000 for failing to lodge six tax returns, despite his attempts to skirt the obligations by saying he does not consider himself a person.

Glen James Polglaise of North Bendigo told the Bendigo Magistrates Court that he did not accept the six charges of failing to lodge an income tax return because he was “a human being who waives my right to recognition as a person.”

Mr Polglaise had failed to submit six tax returns for the financial years ending 2012 to 2017.

The ATO had repeatedly contacted Mr Polglaise on his obligations to file his tax returns on the basis that he was earning income.

A final notice to lodge the six tax returns by 18 January 2018 was sent to Polglaise on 30 November 2017.

In his defence, Mr Polglaise referred to the Universal Declaration of Human Rights and the Universal Covenant on Civil and Political Rights to waive his right to personhood.

“As I waive my right to recognition as a person, I am not a resident for tax purposes,” he said.

Instead, magistrate Michael King found Mr Polglaise guilty of all six charges, noting that paying tax did not contravene human rights, and rubbishing Mr Polglaise’s arguments as “entirely lacking in merit”.

Mr Polglaise was convicted and fined $6,000 plus costs, and ordered to lodge outstanding tax returns by 1 May.

“That would make a mockery of the law,” said Dr King.

“This was persistent and blatant disregard of income tax law.”

Income tax obligations

Lodging tax returns is a key compliance requirement of all residents for tax purposes. Failure to lodge signals to the ATO that there may be a compliance issue with a person’s finances, or that they may be dodging tax.

The ATO now has unprecedented access to the personal financial information of people and companies earning income in Australia, as well as third-party data. This means the chances of avoiding tax or lodgement obligations in 2019 and beyond is slim.

You can learn what else the ATO will be targeting this tax time here.