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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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Tax dodgers in hot water as ATO opens dob-in hotline

By Cameron Micallef

June 25 2019
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Tax dodgers in hot water as ATO opens dob-in hotline

By Cameron Micallef
June 25 2019

Double the amount of referrals from the community about tax evasion have come through to the Tax Office through its hotline service this financial year.

Tax dodgers in hot water as ATO opens dob-in hotline

By Cameron Micallef

June 25 2019
Share

Double the amount of referrals from the community about tax evasion have come through to the Tax Office through its hotline service this financial year.

More than half of the referrals since 1 July 2018 were for suspected under-reporting of income or about suspect activities in the cash economy.

For example, this may include businesses demanding cash from customers or paying their workers cash in hand.

ATO assistant commissioner Peter Holt believes businesses have had enough with competing on price with others that do not pay tax.

“We’re seeing an upwards trend in the volume of referrals about people suspected of participating in the black economy, which suggests that honest businesses have had enough of competitors cheating the system and getting an unfair advantage,” said Mr Holt.

The ATO believes the total number of community referrals will reach 70,000 by the end of the financial year, which is building off last year’s record.

Mr Holt stated the best way to avoid punishment this financial year is to, first and foremost, obey tax law. This can be proven through the provision of up-to-date records and open and honest communication with the ATO.

“We understand the pressures business owners face in running a business and that sometimes they make legitimate mistakes. The best way to stay on top of your tax and super is to ensure your records are kept up to date,” Mr Holt added.

“Good record-keeping will help you complete and lodge your tax returns, manage cash flow, meet your tax obligations and understand how your business is doing,” continued Mr Holt.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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