23/07/2008 - 22:00

ATO to investigate boat owners for non-compliance

23/07/2008 - 22:00

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The Australian Taxation Office will investigate up to 160,000 individuals and entities that have registered a boat in Australia. Deloitte tax partner David Pring said the ATO was embarking on a data matching exercise of boat owners with tax office records to attempt to highlight areas of non-compliance with tax obligations. Boat owners will not know that they are under investigation, with the tax office only contacting boat owners if they find an issue that needs to be clarified or actioned. “The ATO will be examining the taxation records of registered boat owners to ensure that there are no outstanding lodgments or payment obligations. “The examination is likely to be across all tax areas including income tax, superannuation, GST, FBT and not just boat related issues,” Mr Pring said. “The tax office will also be checking to determine if the stated income levels listed in tax returns is sufficient to support the type of boat registered. Taxpayers should take the opportunity to ensure their tax affairs are in order to avoid any issues with the tax office.”

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