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 episode of Relative Return Insider, host Keith Ford is joined by Cyber Daily deputy editor David Hollingworth to take you inside the evolving landscape of cyber crime, how even huge companies can be at risk of breaches, and what that means for anyone trying to understand the risks.
The latest episode of Relative Return sees host Laura Dew chat with Richard Ivers and Mike Younger, co-portfolio managers at Prime Value Asset Management, on their newly launched Microcap Fund and opportunities in small and mid-cap shares.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford dive into the week's top news, from investors remaining blasé about tariff announcements to bitcoin surging and unemployment numbers.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford take a look at the Reserve Bank’s expectation-defying interest rate hold and whether the move is the start of a fundamental change in the central bank’s approach.
