ATO to investigate investors inflating losses
The Australian Taxation Office (ATO) is investigating investors who are artificially inflating their investment losses or transferring them inappropriately to take advantage of tax refunds for any losses incurred.
ATO Second Commissioner of Taxation Jennie Granger said many losses are arising from investors' need to offload an investment quickly to meet margin calls, for example, and those facing financial pressure may be tempted to artificially create losses.
The ATO will be advising people on how to claim losses correctly and inform them of their capital gains tax obligations if they dispose of any assets from investment properties or managed funds.
The ATO will also increase its data matching activities to analyse transactions involving ownership and disposal of property investments and shares, superannuation contribution statements, and self-managed super fund returns, Granger said.
It will also investigate taxpayer returns for partnership and trust income and compare employee-shared schemes with the share scheme plans of major companies to resolve any discrepancies with taxpayers.
Recommended for you
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford discuss a busy week of announcements from ASIC, with submissions to its public and private markets paper made (mostly) public.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to unpack Australia’s underwhelming March quarter GDP figures and what they signal for the Reserve Bank’s next move.
The latest episode of Relative Return sees host Laura Dew chat with Brian Jones, founder of outsourcing company VA Platinum, on why choosing to outsource certain functions of your business can enable you to be efficient and productive.
In this episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford are joined by Money Management editor Laura Dew to discuss learnings from JP Morgan’s recent conference in London, and what top fund managers and analysts see driving market behaviour.
