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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Foreign income tipped to be on ATO's compliance radar

By Miranda Brownlee

April 14 2016
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Foreign income tipped to be on ATO's compliance radar

By Miranda Brownlee
April 14 2016

Undisclosed offshore income is likely to be high on the ATO’s radar at tax time this year, along with unsubstantiated claims for home offices, according to one national accounting network.

foreign income tipped atos compliance radar

Foreign income tipped to be on ATO's compliance radar

By Miranda Brownlee

April 14 2016
Share

Undisclosed offshore income is likely to be high on the ATO’s radar at tax time this year, along with unsubstantiated claims for home offices, according to one national accounting network.

The amnesty period provided by the ATO, where individuals were able to come forward and declare international tax liabilities at reduced penalties, ended around a year ago, the director of communications at H&R Block, Mark Chapman, told nestegg.com.au.

“We suspect the ATO probably had intelligence which it gathered from overseas jurisdictions, which it will be able to match with people who didn’t make a disclosure [during that period],” said Mr Chapman.

“The ATO’s amnesty a year or so ago was quite generous in its terms, so if people didn’t choose to take part in the amnesty, the tax office usually comes down on them a bit harder.”

There has also been a lot of public attention in this area, he said, so the ATO will want to maintain community confidence in the tax system by looking into offshore avoidance and evasion.

The main issues with claims for home offices, Mr Chapman said, is confusion around what they can and can’t claim and not holding sufficient records to justify the amount they’re actually claiming.

“It’s really worthwhile first of all going through your records to make sure you can substantiate everything that you’re trying to claim, and also talking to your accountant, just to make sure that you’re actually eligible to make the claim in the first case,” he said.

“Home office is another area which the Tax Office will focus on, because I think some of the claims in that space have gone up in recent years.”

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