Non compliance on motor vehicles
All motor vehicles sold, transferred or newly registered in the 2010-11 financial year with a market value of $10,000 or greater face scrutiny from the ATO.
The ATO has obtained data from the State and Territory registering bodies (e.g. Vic Roads, RTA (NSW), etc.) to identify:
- taxpayers whose expenditure is in excess of their reported income (e.g. potentially skimming some or all of their cash takings, running part of their business 'off-the-books', or in other ways not reporting all their income);
- businesses that sell vehicles and do not report, or under-report those sales.
The ATO is also looking to address non-compliance in the areas of:
- income tax
- superannuation
- goods and services tax
- fringe benefits tax
- luxury car tax.
For more information, please contact Surry partners on 02 9318 6400 or fred.tortora@surrypartners.com.au.