I wonder how many small businesses decide to give up as new taxes affect their bottom line? If they put GST on silver I'll never buy another ounce from a retailer. And I'm sure I won't be the only one.
Nooooo..... That's what TPTB want! Nope they want tax money. Tax you when you buy it, Tax you when you sell it. Is always about the money. Buy gold and starve the beast.
Hmm. Weird. They should be focusing on those corporations that hide their taxes overseas instead. Would bring them so much more money!
I always ask myself just what is the worst most dishonest and immoral thing a government can do, and assume that is what they ARE going to do. Would not trust them as far as I could throw them. They will tax, and they will confiscate, AFTER exempting MPs. OC
Never forget that government computers talk to each other, and they can go into any computer they want. I had a bloke from the DSS reading entries from our bank account, out to me as he read the screen. OC
Further, "will said project be announced?" "No, we won't announce it like that, just flagged individuals with records of precious metals transactions and/or precious metals reports from third parties against individuals that are chosen will be sent letters and given a higher score on our system that determines who is audited this year." In regards to how the flagging system works, I guess it's just a matrix against which transactions are matched/mismatched and certain people are given a rating/score. PM's likely being a focus this year. Like GP said, ATO could request sales lists from dealers etc. PM's are just such a private transaction at each step, I can't imagine how the ATO can win this one. "The PM's I bought 10 years ago, were sold the next day at no profit/loss. The PM's I sold today were purchased yesterday and sold at no profit/loss."
Lesson #1. Have minimal bank accounts/credit cards with Australian banks. Lesson #2 Keep minimal amount in said Australian bank account. Lesson #3 Make large regular withdrawals from Australian bank account and pay for everything with cash. Lesson #4 Do not have internet access to Australian bank account. Lesson #5 Buy a new mattress.
It has happened to me, all invoices out have to be sent to the ATO at the eofy as a spreadsheet with ABN and amount paid Same for my suppliers, apparently working in construction we only use cash? I wish I think this is the biggest load of s<#t, Gov can no longer wait for the money, so we have to increase our paperwork so they can grab the cash sooner I'm seriously thinking of closing down and finding a job working for someone else
This sounds a lot like AUSTRAC suspicious transaction and threshold transaction reporting being used. So anyone that's been shifty enough or obviously structured transactions and had a suspicious transaction report made against them, or anyone spending over $10k cash (as in banknotes, not EFT) and had a mandatory threshold report made. If that's the case, for the record it's worth pointing out that whenever you spend more than $5k and are asked for ID, that information is not share with AUSTRAC - it's a legal obligation of the dealer to identify customers doing purchases over this size, so that should AUSTRAC, AFP etc in future decide to investigate someone, a dealer can consult records to advise of any transactions that person may have had with the business. In my experience we get asked about once a year from these sources for a list of transactions for a specific name. Yet to hit a match. Personally I would be more worried about being a customer of a dealer who is NOT registered with AUSTRAC, because it is a legal requirement to register as a provider of designated services, and if the dealer gets audited, all of their customers may be eligible for "flagging" as known customers of a non-compliant business. For the record, that was long88, not me.
Was thinking the same thing GP. Fill out a threshold transaction and they have got info of large purchase of PM. Cross reference with income/ tax return. Just for the record we are registered with Austrac. Writing out the AML/CTF program part a+b was great fun!!!
