Why? This is concerning those who buy it through businesses and accrue it to their on purpose low income. The point is, they are not on a low income really, but on paper they are, so they're really not paying that fringe benefit tax. It's not applying to you, is it?
At least if you pay 80k for an EV, by the time you drive it off the lot the depreciation will have it well below 65k, so as a an assessable asset just claim the loss back within that year.
They are classed as an asset under the centerlink agreement as I am a very low income person and now need some assistance cannot receive any payments due to our assets being two cars and a motor bike eligible for $0-97 cents per fortnight 😮 fact ..great government incentives 😂😂😂😂
@@louisecassidy5991 I'm sure the people who lost their homes and businesses due to fire, flood etc, that decided not to insure due to saving a few dollars that now reside in cars and tents unfortunately thought that very same thing 😢
They have never been lawfully gazetted as per the 1901 constitution and are a foreign owned corporation, therefore not lawfully allowed to receive anything from you
Let's just slow down here a little. I'm reading comments about access to our related historical data, private & business by our "chosen" Insurance companies. That's a closely related topic but please keep in mind the real topic here. Does the ATO have legal access to our private & business insurance data? Are the ATO inheriting cascading rights from the Insurance companies? Is this legal? Has this been challenged in Court and if so what are the outcomes? We choose our Insurance companies so therefore we have at least some limited form control over our data. Nobody chooses the ATO and we have no control over our data other than the law. As a society we must be challenging "cascading data rights" wherever they exist in a broader context. So how do we do this as a society? Serious question.
The goverment can pretty much do whatever it needs to, to catch non-payers. Simple really. If tax evasion wasn't such a problem, they wouldn't have to data match right. They cast a wide net and the payoff must be massive.
The ATO apparently does not even exist 'legally'... Try and find the gazetted proclamation for the Act that created the ATO (as required for ALL acts to become 'Law'). It doesn't exist.
Central banks and commercial banks can conjure 'money' out of thin air almost infinitely (via 'money printing' and fractional reserve banking, where some countries don't even require their banks to hold any reserves). These banks then place people/households, businesses, and even governments themselves in debt. Then the governments turn around and tax everyone to make ends meet.. The government's don't even have the power to conjure these fictitious digits into existence; only the banking class are allowed to have this magical ability. Why can't governments have this magical ability instead of having to tax everyone? If it's good for the banks, why can't it be good for the governments to do? Just a thought.. (It still won't work in the long term if it's unbridled, unrestrained currency-creation like what's been happening since the 2008 Global Financial Crisis and after the C0-v!d shut-downs (which leads to high inflation wherever those enormous amounts of 'money'/currency go - eg property markets, shares markets, and now the real economy and household/living costs)..
I agree with the concept of the data matching. They should do it and make sure everybody is paying their way. It's the ones who are rich enough to dodge payment that need to be caught up in this net, especially politicians, CEOs, CIOs, CFOs and CXOs. They all need to be caught up because they're all dodging tax at our expense.
We have to know everything you're doing in case you are cheating! That's no different from guilty until proven innocent...amazing so many are happy with that concept.
Considering that taxing people is actually extortion and against the law. The Australian constitution states you are not required to pay taxes but you can donate in silver and gold. Which is why they force you to pay because no one is willing to give up a percentage of their eanings.
This is precisely what triggered my father to sell & abandon his UK businesses in 1960 and move to New Zealand. Thank you HM government. Australia is now utterly FUBAR.
@@einfelder8262 As long as governments blow tax payers’ money on corrupt entitlements, expenses, AUKUS … & fail to invest in health, education & welfare of tax payers the term “tax cheat” is meaningless.
@@robw964 - It’s relatively easy to shift profits out of Australia. Employ a “regional director” to manage the decisions in Australia, have their boss live overseas, ideally in a country where there are no taxes on foreign profits. Bang, the Australian entity is now controlled by management overseas, the profits go to the entity in Northern Ireland, Singapore, Hong Kong etc. Money is legally out of the country. It’s actually not that hard. And a “multinational” can be just be a handful of people, 2 people is the minimum you need. Why keep profits in Australia? Our taxes are wasted here.
@@huko4266no they create an Australian division and then take “loans” from their parent company and these “loan repayments” reduce their taxable income.
The ATO is completely rogue. I have dozens of cars over this threshold and they're all insured. They're not registered and are rarely used, hence the only real cost of ownership is insurance. Thanks to losing my career as an airline Captain (due to Corporate crimes during COVID times), I now have a tiny income as a sole trader. Who's business is it how and why I have these assets? I could have obtained this wealth in the past, or it could be gifted from a family member. It is quite literally nobodies business.
To register anything is to give it away. Get the Manufacturers Certificate of Origin back from the RTA if they cannot provide it or a copy get a letter from them stating they have destroyed it & then go to the manufacturer with the letter & get them to issue another one to you, tell them you are sending the automobile to another country. you will need a bill of sale to show as evidence. Now the automobile is private & not given away to the RTA.
Tyranny during 2020+ was absolutely out of control. The worst part, besides being in same job as you, was the Australian population being so compliant. This data mining will be used for wealth tax or unrealised capital gains tax or similar. We have the exact wrong kinds of people in politics and now with internet censorship coming, there’ll be limited and yes to actually get real information.
@@antpoo whats happening on the tobacco front these days ? part of Melbourne burnt down a property in Perth recently all part of an illegal tax and excise avoidance scheme.
Thank you. I'm with another firm and your videos are more helpful than the 10s of emails and visits to their office helping me understand what i should and shouldn't be doing as a consultant
Where is the legislation requiring a private Pty. Ltd. Co. ( an insurance Co. ) to hand over what is private information to the ATO. This is a breach of the privacy, as a Co. Director if I received a letter from tje ATO requiring me to hand over clients private information I'd quickly tell tje ATO to F@rk right off & to come back with a court order. Surely as an individual if you received one of these "scare" letters you would ne within your rights to not only sue your insurance Co. for breaching your privacy & handling over your private information but also taking the insurance Co. to tje federal privacy commissioner for breaching your privacy.
@@einfelder8262has nothing to do with hiding anything, it’s a matter of the right to privacy. No private company has the right to your private info nor does the ato, it’s a private corporation. You should educate yourself a little before you make such ignorant comments. Just because you are complacent about such things & don’t care about our fundamental human rights, doesn’t mean everyone else should too.
riiiight, the government pays married pensioner less than singles because they share expenses, but a person owning a Ferrari on an alleged low income, they encourage tax minimisation legally, if you are willing to live on rice and beans but can afford the payments who cares??. Next thing they will do is question why your drinking imported beer, no Guinness for you.....
I think you misunderstood reality -- this is about the ATO using insurance data to check for people on 'declared' low incomes somehow having insurance on expensive vehicles. ie. asking "so how can you afford to buy an $80K car when you only declared $20K pa taxable income for the past 5 years?" How do you get from that to "a person owning a Ferrari on an alleged low income, they encourage tax minimisation legally"? ps. I seriously doubt that there are any people on bona fide low income living off rice and beans in order to make payments on a luxury car...
@@Mazza666and the ato supplied the data for that criminal activity,no scalps for that one yet , probably not ever.meanwhile the of selling our private information continues to spike.
I had a tax audit a few years ago, they sent out 4 forensic accountants , first thing they basically said is ..''your going to jail if the paper work is wrong"'. They spent 2 weeks going over the numbers , very stressfull as my accountant did the tax returns but the tax office said , regardless its not his fault its yours. they found out in the end i owed about $300. They said the matter has been referred to the tax commission for final outcome and a court attendance date may or may not be issued in this matter. Let me give you this advise after my experience , if you try and fark the tax office over they will catch up with you in the end, because they know everything about you including when you last took a shit.
no tax on income, 15% consumption tax on everything, no exclusions, determine tax expenses through consumption habits, no-one can evade spending or purchasing.
I think if you earn below a certain threshold, you should get a rebate on that 15%. Obviously not the whole 15%. Maybe you get a third back, which is effectively 10%. Otherwise, I like the idea.
Income tax is unconstitutional in the US. I think it was introduced within about a year of the US Federal Reserve being created in 1913. US Federal Reserve its owned by private banks; not by the US govt & their people. But I'm not sure about in Australia.
I know 3 escorts that drive 100K BMWs. Yes these escorts pay tax but they still dont declare 100% of there income. Some take gift cards as deposits or use a certain amount of cash for weekly shopping
What do politicians do for society,I'm 70 and never worked it out yet.Apart from spend our hard earned dollars on war and handouts to other countries and people who refuse to work and help in our society. The usual passengers through life,at least the dole bludger doesn't pretend to work.
This is what needs to happen. The ATO should not be allowed to abuse everyone's privacy. The fact that they do this means there is something fundamentally wrong with the system.
An insurance company can access your driving records at anytime. You have a driving history that you did not disclose to your insurance company they can and will deny any claim you may make.
@@gppsoftwareno they are sick and tired of certain individuals in certain industries get paid in cash and have expensive toys and vehicles but yet claim benefits.
@@stevespatrol You make a key point there. An insurance company can indeed use driving record data because it is directly relevant to their business and the transactions being conducted. This is where European-style data protection acts make a distinction: organisations are only allowed to collect and store data which directly relates to their business. Insurance information is not related to the tax collecting business. We need to be REALLY careful with this kind of stuff and always be concerned about the continual impingement on privacy under the guise of 'keeping us safe' because this is how totalitarian government starts. I have nothing to hide, but if I wanted my government to be watching me all the time, I'd go and live in a country that does that.
@@Mcfreddo I'm Australian living in Australia and I can confirm exactly what he's saying. They have never been lawfully gazetted as per the 1901 constitution. The AUSTRALIAN GOVERNMENT is also an unlawful foreign owned corporation and the queen of Australia that they refer to in some acts Is a fictitious entity used to deceive us into believing that they are our lawful government under the queen (now king) of the Commonwealth. BTW do you realise what the word "Commonwealth" actually refers to?
ATO have been doing it for years - it’s nothing new. Data was coming from credit card providers and shops like Harvey Norman, etc..Now they provide us (I am also a tax agent) with eftpos sales for business clients and other information like sales of assets, overseas income, etc.
the eftpos sales is a big one, especially if you don't have the merchant facility lined up with the correct entity. i had a client use their 'personal' sole trader eftpos facility for their company once and all hell broke out. derek
What are they allowed to double dip on taxes. We pay tax on the money we earn then every time you buy something you are paying more tax on the money you have already been taxes on. At the end of the day the government gets most of your hard earned money back.
I know a person who according to the tax department has no income but managed to live in a nice house that they are continuously renovating, a boat, a big dual cab ute and a Harley. Has travelled overseas 2 or 3 times in last year and all with no income. If anything the thresholds are too low. If your a wage and salary earner you can't hide your income but these deadbeats are stealing from other Australians.
Exactly right, if everyone just paid their fair share it would create the opportunity to adjust taxation rates. Whilst so many are mimicking Kerry Packer, the employees are going to get shafted forever more as the government needs $X to run the country and its got to come from somewhere.
A low flat income tax of 15% & 10% GST would effectively bring wage earners in alignment with small businesses, who pay 25% tax. Anything more than 15% is morally repugnant, IMO.
@@notsure1135 In the same way many businesses use a trust for such, you have enough to cover the requirements...this way if you don't use it, you still have it. An example is instead of full insurance on a vehicle,, keep a total in a trust...If you cannot, buy a car at half value, and then keep that aside. We save a fortune on car insurance, and as we have no accidents, the value remains instead of handing it to someone else who provides the service. This promotes care in any arena youy self insure. Most professionals are involved in this activity to an extent. A law firm retains a trust for a commitment to such, as well as many medical services.
not allowed a bit of luxury on our own money? aren't the purchases already taxed? I would have thought how we spend our own money is none of their business.
Yes they also plan in the future to means test for old car on HISTORIC REGISTRATION. Currently they are making it easy to obtain, get the records then in the future they plan to means test for super or pensions. A government consultant advised me this is the plan and he is a car guy and not happy.
So what's your problem? Your historic cars are insured and will be revealed in this process. Historic registration doesn't include the value which the ATO is interested in.
@wt29 this is just the pre cursor to their plans. Means testing and future capital gains on them are what they are coming after. This info came from a consultant to Canberra and RTA . So for some one who has many vehicles both working and collectors and just spares it will matter. , and yes some old jalopy are over $65k
ATO site says that money made from selling antique or classic is exempt from capital gains. Not sure why you are so unhappy about this change. You should be fine. ATO might ask some questions but you would be OK. Also seems reasonable to include everything a person has for means tests. If someone buys 20 vintage cars to get around the pension means test they are trying to rort the system.
There is already a means test for the Age Pension -- and Centrelink relies on the 'honour system' (ie you are required to inform them of all personal assets and their value when applying for a benefit, and/or when your situation changes (eg. antique car is worth more than initially listed)). People are basically just bleating about being caught out when cheating the existing system, due to there being better tools available to verify that you aren't telling blatant lies when applying for benefits paid for by other taxpayers...
This is a good campaign. People that have the ability to structure their affairs to avoid tax or are conducting criminal activities are costing all taxpayers. They effectively don't pay their fair share and this means everyone else pays more. How can you argue against this ?
No problem with them doing this, everyone should pay tax . Shame they only take on small business and people leaving big end of town free to pay $0 in tax.
As a business or a company, It is illegal to forward on private and confidential information, without the consent of the customer. If your insurance company or bank hands over your private information to any other company or business you can take legal action against them!
ATO is illegitimate. It is a private company, check its business number address. You’ll find it is registered in Washington DC. Tell them you don’t consent and they are acting illegally. Any lawyer politician says any different either have no idea or on the cut. Check the Ato’s business address.
And the High Court agrees. That's why you can't pay the ATO directly. ATO is not a legal entity in Australia. Incredible. But Australia is not the Commonwealth of Australia and Australian Government isnt the Government of the Commonwealth so why are we surprised?
The tax office can audit you whenever they like - they don't need justification. They will ask you to explain how you pay your expenses and where your assets came from. They are just using new methods to better focus their auditing efforts. An audit isn't a big deal if you are doing the right thing. There are an awful lot of "young guys" driving Ferraris around here - when I was that age I could barely afford a 10 year old rust heap. I have no problem with these guys getting a bit of extra attention - drug money is a problem to launder so if they can't catch them for dealing, maybe thay can do it for tax evasion. Win.
Great. According to the NRMA I still own assets I got rid of, and told them I did 6 months ago. So they tell the ATO I still own these assets even though I sold them. The ACT govt are just as bad. They will have you down as still owning a vehicle in ACT even though it was deregistered in the ACT, and re registered in NSW, so the ATO will have you down as owning assets in both locations. Businesses beware.
With most people who work in the middle class can legitimately prove ownership of assets, purchase of assets and tax payment on the money that they use to buy those assets. In fact, it's extremely difficult for Joe Average to hide anything.And if you did, it would be small and not worth the risk.
Pity they didn't pick on say career public servants who purchase say a $4 Million beach house because his partner is a "coasty" how does a salary public servant afford that????
THEY want total control of ALL we do and own. Do what we must to avoid communist control. You don't und3rstand the globalist agendas ? Agenda 2030 ? Best you don't know then.
This is a moot argument. The Aust. Govt. has created a Corporation covertly around the real Constitutional Commonwealth Of Australia. Lawfully(not legally) all sitting members of parliament are “belligerent occupiers” most have sworn their oath to a fictitious legal entity they call “The Queen Of Australia” and operate under the Australia Act which is also constitutionally unlawful. I choose not to comply.
The data matching will work well for sole traders. I suspect the data matching will be more difficult for proprietary companies and if you obfuscate the names registered to insurance ie middle names and abbreviations.
I have heard about this & warn my classic car club & no one heard about it. This is a big issue in the classic car scene because there is alot of cash floating around the system. Organised Crime will buy a rusty old car drop $ 200,000 cash into it, register it & sell it & the money is legit. I know alot of people that have alot of explaining to do. This is aimed at classic car scene Alot of classic cars are fixed using cash & cash jobs. ATO taking the fun out of life.
But financial collapse means fiat will lose its value. Precious metals and crypto are how the wealthy protect their wealth. When you see the wealthy cashing in their stocks you know it's coming.... and that's already started.
I know somebody who has been given 5 cars total, the latest is the nicest at 5 years young… ATO would have trouble swallowing that these were gifts even though it’s true.
Not believing in insurance, I guess I am not involved. The world would be a safer place if you could not get car insurance, if your car was irreplaceable. Nor do I own a small business. This vid is, however, very interesting. The noose is tightening. Be aware, folks, "they" want you broke, homeless and hungry, that you shall comply without resistance.
Buy it under the business name , require to drive clients around . Can't chuck them in a Hyundai and take them to a business lunch at the golf course. Even vacations overseas are for business expansion .
Thats funny regarding what info Anita gave the finance company. The only time I ever got a loan for a vehicle they just made it up themselves and I got the loan. I have no idea what they used but I don't think it was what I was actually earning...
I think it is a great idea. If you look at the number of those lumbering monstrosities on the road, there should be thousands of tradies and businesses more than there actually is. If you are not doing anything wrong, there is nothing to get emotional about.
ATO already has inheritance, superannuation after tax contributions, negative gearing, savings, shares, you don’t have to supply that it exists with ATO, Log online to your personal income tax it’s all pre filled. Every year more information topics are added.
They are laying down the foundation for Digital ID & Face Recognition Surveillance.
It's ushering in CBDCs they need to know everything we have and own,it's big brother in full swing.
If you have a passport, they already have your face biometrics.
Never accept it vote against it
@@WANOS123
You think you’ll get to vote on it, that’s hilarious
It's a shame the ATO does not do Data Matching with politicians, I want to know why
Or with CCP Chines money launders.
Me too, I want to know why they can get a pension and not be asset tested and everything they get us regular people who actually work.
The only way to become financially successful in Australia is - leave!
Why? This is concerning those who buy it through businesses and accrue it to their on purpose low income. The point is, they are not on a low income really, but on paper they are, so they're really not paying that fringe benefit tax. It's not applying to you, is it?
When you're being taxed the most in the world leaving is a good idea. It's becoming a authoritarian dictatorship
If you have proppert rent it out and live elsewhere. Do what everyone else does , send it out the country. Australia is purely an entity to be used.
What a load of shit
Westminster commonwealth is a clownshow
How is a car an asset - I find them a liability, a money sink.
100% agree. derek
Great piece of sophistry but it doesn't wash.
At least if you pay 80k for an EV, by the time you drive it off the lot the depreciation will have it well below 65k, so as a an assessable asset just claim the loss back within that year.
Agreed cars are not an asset - they are however magnificent way to write off income via depreciation if applicable.
They are classed as an asset under the centerlink agreement as I am a very low income person and now need some assistance cannot receive any payments due to our assets being two cars and a motor bike eligible for $0-97 cents per fortnight 😮 fact ..great government incentives 😂😂😂😂
The problem is that according to ATO, you are guilty until you can prove your innocence. Contrary to society norms.
That is to scare you to bring you to your knees, to bring you into slavery 🤔
I learned that way back in the 1980’s
That is anything Governmental in this 2nd World Communistic Lite shithole.
Like the Family Court.
@@huko4266 ...and domestic violence accusations.
Banks and insurance companies are not your friend and will assist governments over your privacy
Banks and insurance companies won’t be your accomplices in fraud and tax evasion. Or money laundering. I worked in the industry for a decade.
That's right, banks are all about making money. Couldn't give a shit about you
Insurance is a scam. Cheaper for you to take your chances while being more cautious.
@@louisecassidy5991
I'm sure the people who lost their homes and businesses due to fire, flood etc, that decided not to insure due to saving a few dollars that now reside in cars and tents unfortunately thought that very same thing 😢
We pay the tax to the government and they waste it...
Wrong you pay tax to cover the bank repayments the government borrows from the central bank.
So stop paying
You work half the year for the Gov, you get what's left
@JadedHunter and how do you stop paying when they hold your money until you sign a tax declaration? Like I said it's extortion.
We don't pay, they steal.
How true
Great advice, thank you for taking the time to make and share these helpful videos.
Time to abolish the ATO.
Agree. They are aloof.
Well, the government decided to have a fringe benefit tax. Any tax office is just applying the law.
Taxation is used to fuel immigration. More taxation, more immigration.
They have never been lawfully gazetted as per the 1901 constitution and are a foreign owned corporation, therefore not lawfully allowed to receive anything from you
@ I heard exactly that from a former ATO officer.
Let's just slow down here a little. I'm reading comments about access to our related historical data, private & business by our "chosen" Insurance companies. That's a closely related topic but please keep in mind the real topic here. Does the ATO have legal access to our private & business insurance data? Are the ATO inheriting cascading rights from the Insurance companies? Is this legal? Has this been challenged in Court and if so what are the outcomes? We choose our Insurance companies so therefore we have at least some limited form control over our data. Nobody chooses the ATO and we have no control over our data other than the law. As a society we must be challenging "cascading data rights" wherever they exist in a broader context. So how do we do this as a society? Serious question.
The goverment can pretty much do whatever it needs to, to catch non-payers. Simple really. If tax evasion wasn't such a problem, they wouldn't have to data match right. They cast a wide net and the payoff must be massive.
Wat are you hiding to think this way? If you are a tax cheat be worried, otherwise nothing to see here.
The ATO apparently does not even exist 'legally'... Try and find the gazetted proclamation for the Act that created the ATO (as required for ALL acts to become 'Law'). It doesn't exist.
Car manufacturers are selling our cars data to Insurance companies to jack up policies so why ato not have data
Central banks and commercial banks can conjure 'money' out of thin air almost infinitely (via 'money printing' and fractional reserve banking, where some countries don't even require their banks to hold any reserves).
These banks then place people/households, businesses, and even governments themselves in debt.
Then the governments turn around and tax everyone to make ends meet..
The government's don't even have the power to conjure these fictitious digits into existence; only the banking class are allowed to have this magical ability.
Why can't governments have this magical ability instead of having to tax everyone? If it's good for the banks, why can't it be good for the governments to do?
Just a thought.. (It still won't work in the long term if it's unbridled, unrestrained currency-creation like what's been happening since the 2008 Global Financial Crisis and after the C0-v!d shut-downs (which leads to high inflation wherever those enormous amounts of 'money'/currency go - eg property markets, shares markets, and now the real economy and household/living costs)..
I agree with the concept of the data matching. They should do it and make sure everybody is paying their way. It's the ones who are rich enough to dodge payment that need to be caught up in this net, especially politicians, CEOs, CIOs, CFOs and CXOs. They all need to be caught up because they're all dodging tax at our expense.
We have to know everything you're doing in case you are cheating! That's no different from guilty until proven innocent...amazing so many are happy with that concept.
Considering that taxing people is actually extortion and against the law. The Australian constitution states you are not required to pay taxes but you can donate in silver and gold. Which is why they force you to pay because no one is willing to give up a percentage of their eanings.
This is precisely what triggered my father to sell & abandon his UK businesses in 1960 and move to New Zealand. Thank you HM government. Australia is now utterly FUBAR.
So you admit he was a tax cheat.
@@einfelder8262 As long as governments blow tax payers’ money on corrupt entitlements, expenses, AUKUS … & fail to invest in health, education & welfare of tax payers the term “tax cheat” is meaningless.
Tax is theft @@einfelder8262
@@einfelder8262so you admit your a tax fraud, because paying income tax is a fraud.💡
As per the Australian constitution. 🤦♂️
@@kristene2372 Oh dear - a nutjob is on the loose. Please take your meds, mate
So much for the government caring about people's mental health......
Hey ATO.. Do multinationals next
do them first - you have hords of people in the ATO hunting small business and personal tax. How many on the multinationals and big end of town?
Unfortunately it’s too expensive to go after the big dogs
Some don’t have to pay tax, nothing to check on them
@@robw964 - It’s relatively easy to shift profits out of Australia. Employ a “regional director” to manage the decisions in Australia, have their boss live overseas, ideally in a country where there are no taxes on foreign profits. Bang, the Australian entity is now controlled by management overseas, the profits go to the entity in Northern Ireland, Singapore, Hong Kong etc. Money is legally out of the country. It’s actually not that hard. And a “multinational” can be just be a handful of people, 2 people is the minimum you need. Why keep profits in Australia? Our taxes are wasted here.
@@huko4266no they create an Australian division and then take “loans” from their parent company and these “loan repayments” reduce their taxable income.
The ATO is completely rogue. I have dozens of cars over this threshold and they're all insured.
They're not registered and are rarely used, hence the only real cost of ownership is insurance.
Thanks to losing my career as an airline Captain (due to Corporate crimes during COVID times), I now have a tiny income as a sole trader.
Who's business is it how and why I have these assets? I could have obtained this wealth in the past, or it could be gifted from a family member. It is quite literally nobodies business.
To register anything is to give it away. Get the Manufacturers Certificate of Origin back from the RTA if they cannot provide it or a copy get a letter from them stating they have destroyed it & then go to the manufacturer with the letter & get them to issue another one to you, tell them you are sending the automobile to another country. you will need a bill of sale to show as evidence. Now the automobile is private & not given away to the RTA.
You could have acquired through drug trade, I’m with the ATO.
Tyranny during 2020+ was absolutely out of control. The worst part, besides being in same job as you, was the Australian population being so compliant.
This data mining will be used for wealth tax or unrealised capital gains tax or similar. We have the exact wrong kinds of people in politics and now with internet censorship coming, there’ll be limited and yes to actually get real information.
@@jellybean1976928 always a great idea to put this information out on the web with your private birthdate 26/09/1976?
@@antpoo whats happening on the tobacco front these days ? part of Melbourne burnt down a property in Perth recently all part of an illegal tax and excise avoidance scheme.
Excellent rule. So many Mercedes are flying with centrelink number plate.
Yes, car is usually black in colour and last name of the owner is rarely Jones or Smith.
If your living in a caravan because you can’t afford a house then 65k is chicken feed for a home.
Thank you. I'm with another firm and your videos are more helpful than the 10s of emails and visits to their office helping me understand what i should and shouldn't be doing as a consultant
Where is the legislation requiring a private Pty. Ltd. Co. ( an insurance Co. ) to hand over what is private information to the ATO.
This is a breach of the privacy, as a Co. Director if I received a letter from tje ATO requiring me to hand over clients private information I'd quickly tell tje ATO to F@rk right off & to come back with a court order.
Surely as an individual if you received one of these "scare" letters you would ne within your rights to not only sue your insurance Co. for breaching your privacy & handling over your private information but also taking the insurance Co. to tje federal privacy commissioner for breaching your privacy.
OK hero, you'll soon be in a world of hurt. Because obviously you have something to hide.
@@einfelder8262 and you like most are a docile compliant sheep
@@einfelder8262has nothing to do with hiding anything, it’s a matter of the right to privacy. No private company has the right to your private info nor does the ato, it’s a private corporation. You should educate yourself a little before you make such ignorant comments. Just because you are complacent about such things & don’t care about our fundamental human rights, doesn’t mean everyone else should too.
Exactly!
@@-xyz-012well said
riiiight, the government pays married pensioner less than singles because they share expenses, but a person owning a Ferrari on an alleged low income, they encourage tax minimisation legally, if you are willing to live on rice and beans but can afford the payments who cares??. Next thing they will do is question why your drinking imported beer, no Guinness for you.....
I think you misunderstood reality -- this is about the ATO using insurance data to check for people on 'declared' low incomes somehow having insurance on expensive vehicles. ie. asking "so how can you afford to buy an $80K car when you only declared $20K pa taxable income for the past 5 years?" How do you get from that to "a person owning a Ferrari on an alleged low income, they encourage tax minimisation legally"?
ps. I seriously doubt that there are any people on bona fide low income living off rice and beans in order to make payments on a luxury car...
You are bloodi right!!!!
income....
subsistence....
individual...
man/woman...
words mean something 🔥
You know the economy is stuffed when the government feels the need to trawl through historical data to get more tax.
Under what law can the ATO access my personal insurance records?
More like who will prosecute them for breaking laws
Sounds like RoboDebt is on its way again!
It worked well the first time, round 2 incoming
Robodebt was a Liberal party attack on the most vulnerable, led by Morrison. If you think the ATO chasing tax cheats is the same, you're demented.
@@Mazza666and the ato supplied the data for that criminal activity,no scalps for that one yet , probably not ever.meanwhile the of selling our private information continues to spike.
The war on small businesses just upped the ante once again!
I had a tax audit a few years ago, they sent out 4 forensic accountants , first thing they basically said is ..''your going to jail if the paper work is wrong"'. They spent 2 weeks going over the numbers , very stressfull as my accountant did the tax returns but the tax office said , regardless its not his fault its yours. they found out in the end i owed about $300. They said the matter has been referred to the tax commission for final outcome and a court attendance date may or may not be issued in this matter. Let me give you this advise after my experience , if you try and fark the tax office over they will catch up with you in the end, because they know everything about you including when you last took a shit.
Im not explaining anything to the ato.
I won't and don't have to answer why i own a nice car
no tax on income, 15% consumption tax on everything, no exclusions, determine tax expenses through consumption habits, no-one can evade spending or purchasing.
I think if you earn below a certain threshold, you should get a rebate on that 15%. Obviously not the whole 15%. Maybe you get a third back, which is effectively 10%.
Otherwise, I like the idea.
Income tax is unconstitutional in the US. I think it was introduced within about a year of the US Federal Reserve being created in 1913. US Federal Reserve its owned by private banks; not by the US govt & their people.
But I'm not sure about in Australia.
Keeping tax laws simple sounds like a great idea! It's so much unnecessary burden on us tax payers
I know 3 escorts that drive 100K BMWs. Yes these escorts pay tax but they still dont declare 100% of there income. Some take gift cards as deposits or use a certain amount of cash for weekly shopping
Good on them. Our government is a fake rogue illegitimate entity, anyone who can't see that since COVID times is willfully blind.
How do you know them? 😂 hope your wife doesn’t see this comment
Good luck to them,they're way more honest than any living politician.
What do politicians do for society,I'm 70 and never worked it out yet.Apart from spend our hard earned dollars on war and handouts to other countries and people who refuse to work and help in our society. The usual passengers through life,at least the dole bludger doesn't pretend to work.
Don't you think they've been screwed enough already? Now you want to throw them under the ATO bus too? LOL
F the ato
Did you give your insurer permission to share your personal insurance and asset data with the ATO without a warrant?
This is what needs to happen. The ATO should not be allowed to abuse everyone's privacy. The fact that they do this means there is something fundamentally wrong with the system.
An insurance company can access your driving records at anytime. You have a driving history that you did not disclose to your insurance company they can and will deny any claim you may make.
@@gppsoftwareno they are sick and tired of certain individuals in certain industries get paid in cash and have expensive toys and vehicles but yet claim benefits.
@@stevespatrol You make a key point there. An insurance company can indeed use driving record data because it is directly relevant to their business and the transactions being conducted. This is where European-style data protection acts make a distinction: organisations are only allowed to collect and store data which directly relates to their business. Insurance information is not related to the tax collecting business.
We need to be REALLY careful with this kind of stuff and always be concerned about the continual impingement on privacy under the guise of 'keeping us safe' because this is how totalitarian government starts. I have nothing to hide, but if I wanted my government to be watching me all the time, I'd go and live in a country that does that.
@@gppsoftware you have a phone. They already know stuff about you. Or you could just be paranoid 🤷♂️
I drive an $85k merc … but I won it in a card game at the local pub
How are our files confidential? The banks know about us between each other and now the Ato has access to our insurance, how is this even legal?
F--k the ato, tax evasion is everyones duty...
4th gen Aus. Left 4 decades ago. No plans to come back.
You did the right thing.
i don't recognize their authority.
Big brother really is watching.
Thought they would have been doing this years ago. Maybe just declaring it now as a scared tactic.
Dont put a tax return in ... Tax is voluntary ...65K is nothing nowadays a I30 turbo is $58K
the ATO is a foreign owned corporation and it has never been gazetted so it is literally standing without any constitutional lawful application
rright? Where are you from? Strange comment dude. You're American it would seem?
@@Mcfreddo😂😂😂
It's a fact @@Mcfreddo.. so is the fake Australian government.
@@Mcfreddo I'm Australian living in Australia and I can confirm exactly what he's saying. They have never been lawfully gazetted as per the 1901 constitution. The AUSTRALIAN GOVERNMENT is also an unlawful foreign owned corporation and the queen of Australia that they refer to in some acts Is a fictitious entity used to deceive us into believing that they are our lawful government under the queen (now king) of the Commonwealth. BTW do you realise what the word "Commonwealth" actually refers to?
So is our government?
ATO have been doing it for years - it’s nothing new. Data was coming from credit card providers and shops like Harvey Norman, etc..Now they provide us (I am also a tax agent) with eftpos sales for business clients and other information like sales of assets, overseas income, etc.
the eftpos sales is a big one, especially if you don't have the merchant facility lined up with the correct entity. i had a client use their 'personal' sole trader eftpos facility for their company once and all hell broke out. derek
@@TwelveAccounting predictive AI
Motor vehicles over $65k? Do you know how many government employees on modest incomes have purchased teslas on novated leases?
In other words they have the receipts so no problem
Once my daughter is 18 im out of this country
What are they allowed to double dip on taxes. We pay tax on the money we earn then every time you buy something you are paying more tax on the money you have already been taxes on. At the end of the day the government gets most of your hard earned money back.
I know a person who according to the tax department has no income but managed to live in a nice house that they are continuously renovating, a boat, a big dual cab ute and a Harley. Has travelled overseas 2 or 3 times in last year and all with no income. If anything the thresholds are too low. If your a wage and salary earner you can't hide your income but these deadbeats are stealing from other Australians.
And you think the politicians aren’t the ones doing it 🤣
Exactly right, if everyone just paid their fair share it would create the opportunity to adjust taxation rates. Whilst so many are mimicking Kerry Packer, the employees are going to get shafted forever more as the government needs $X to run the country and its got to come from somewhere.
Looking at buying a caravan because I can't afford a house, so now I'm rich because I can't afford a house.. ok got it
A low flat income tax of 15% & 10% GST would effectively bring wage earners in alignment with small businesses, who pay 25% tax. Anything more than 15% is morally repugnant, IMO.
ATO are thieves.
So it's Robodebt for ABN holders
Remember it was a Labor appointed lady who implemented Robodebt and then they gave her a 900k per annum job on AUKUS
Ato is a scam
Utter rubbish.
You live in a society
You use its services.
They have to be paid for.
Grow up.
@@thosoz3431 They send most of our tax money to the mafia in Ukraine ...
@@thosoz3431 How do you like that boot you are licking?
Time to self insure through trusts.
Insurance companies are a scam. The commish is the whole of the tax corp. See non-legal entity.
How would that work? I’m genuinely curious.
@@notsure1135 In the same way many businesses use a trust for such, you have enough to cover the requirements...this way if you don't use it, you still have it. An example is instead of full insurance on a vehicle,, keep a total in a trust...If you cannot, buy a car at half value, and then keep that aside. We save a fortune on car insurance, and as we have no accidents, the value remains instead of handing it to someone else who provides the service. This promotes care in any arena youy self insure. Most professionals are involved in this activity to an extent. A law firm retains a trust for a commitment to such, as well as many medical services.
not allowed a bit of luxury on our own money? aren't the purchases already taxed? I would have thought how we spend our own money is none of their business.
Really good video mate. Thanks 🙏 so much for the info.
It was a gift, play on!
I won it
Yes they also plan in the future to means test for old car on HISTORIC REGISTRATION. Currently they are making it easy to obtain, get the records then in the future they plan to means test for super or pensions. A government consultant advised me this is the plan and he is a car guy and not happy.
So what's your problem? Your historic cars are insured and will be revealed in this process. Historic registration doesn't include the value which the ATO is interested in.
@wt29 this is just the pre cursor to their plans. Means testing and future capital gains on them are what they are coming after. This info came from a consultant to Canberra and RTA . So for some one who has many vehicles both working and collectors and just spares it will matter. , and yes some old jalopy are over $65k
ATO site says that money made from selling antique or classic is exempt from capital gains. Not sure why you are so unhappy about this change. You should be fine. ATO might ask some questions but you would be OK.
Also seems reasonable to include everything a person has for means tests. If someone buys 20 vintage cars to get around the pension means test they are trying to rort the system.
There is already a means test for the Age Pension -- and Centrelink relies on the 'honour system' (ie you are required to inform them of all personal assets and their value when applying for a benefit, and/or when your situation changes (eg. antique car is worth more than initially listed)). People are basically just bleating about being caught out when cheating the existing system, due to there being better tools available to verify that you aren't telling blatant lies when applying for benefits paid for by other taxpayers...
@wealthelife true
This is a good campaign. People that have the ability to structure their affairs to avoid tax or are conducting criminal activities are costing all taxpayers. They effectively don't pay their fair share and this means everyone else pays more. How can you argue against this ?
They're trying to find another way to crack down on Div7a loans.
No problem with them doing this, everyone should pay tax . Shame they only take on small business and people leaving big end of town free to pay $0 in tax.
Because big corporations can engage in a range of creative accounting practices that mere plebs can’t.
As a business or a company, It is illegal to forward on private and confidential information, without the consent of the customer.
If your insurance company or bank hands over your private information to any other company or business you can take legal action against them!
A car is NOT a "lifestyle choice" in Australia ffs!!!
ATO is illegitimate. It is a private company, check its business number address. You’ll find it is registered in Washington DC. Tell them you don’t consent and they are acting illegally. Any lawyer politician says any different either have no idea or on the cut. Check the Ato’s business address.
And the High Court agrees. That's why you can't pay the ATO directly. ATO is not a legal entity in Australia. Incredible.
But Australia is not the Commonwealth of Australia and Australian Government isnt the Government of the Commonwealth so why are we surprised?
@ owned by Blackrock
The tax office can audit you whenever they like - they don't need justification.
They will ask you to explain how you pay your expenses and where your assets came from.
They are just using new methods to better focus their auditing efforts.
An audit isn't a big deal if you are doing the right thing.
There are an awful lot of "young guys" driving Ferraris around here - when I was that age I could barely afford a 10 year old rust heap.
I have no problem with these guys getting a bit of extra attention - drug money is a problem to launder so if they can't catch them for dealing, maybe thay can do it for tax evasion.
Win.
Fun fact, robo financial advice to grow your wealth or legally optimise taxes is illegal, but robo taxes and data matching is legal.
ATO is a criminal extortion organization
Great. According to the NRMA I still own assets I got rid of, and told them I did 6 months ago. So they tell the ATO I still own these assets even though I sold them. The ACT govt are just as bad. They will have you down as still owning a vehicle in ACT even though it was deregistered in the ACT, and re registered in NSW, so the ATO will have you down as owning assets in both locations. Businesses beware.
One of the really good things about this little net is that it will catch all EVs.
This would be against the Privcy Act 1988. Unless they have a court search warrant they have no jurisdiction.
I think $65,000 is a reasonable threshold to look at. It's roughly the price of a luxury car as well, none of which we have. We couldn't afford it.
How would they know how long youve had car for? Mine increased in value over time
The ATO is not a legal entity
With most people who work in the middle class can legitimately prove ownership of assets, purchase of assets and tax payment on the money that they use to buy those assets. In fact, it's extremely difficult for Joe Average to hide anything.And if you did, it would be small and not worth the risk.
Pity they didn't pick on say career public servants who purchase say a $4 Million beach house because his partner is a "coasty" how does a salary public servant afford that????
So if you purchase an 80k vehicle, don't insure it or insure it for just under the 65k limit ?
THEY want total control of ALL we do and own.
Do what we must to avoid communist control.
You don't und3rstand the globalist agendas ?
Agenda 2030 ?
Best you don't know then.
Mark of the beast system,,, God has already told us
Sounds like a new iteration of the robodebt scheme.
This is a moot argument. The Aust. Govt. has created a Corporation covertly around the real Constitutional Commonwealth Of Australia. Lawfully(not legally) all sitting members of parliament are “belligerent occupiers” most have sworn their oath to a fictitious legal entity they call “The Queen Of Australia” and operate under the Australia Act which is also constitutionally unlawful. I choose not to comply.
Imagine how it will be when there is no cash! You will be held accountable down to the dollar you spend.
The data matching will work well for sole traders. I suspect the data matching will be more difficult for proprietary companies and if you obfuscate the names registered to insurance ie middle names and abbreviations.
I have heard about this & warn my classic car club & no one heard about it.
This is a big issue in the classic car scene because there is alot of cash floating around the system.
Organised Crime will buy a rusty old car drop $ 200,000 cash into it, register it & sell it & the money is legit.
I know alot of people that have alot of explaining to do.
This is aimed at classic car scene
Alot of classic cars are fixed using cash & cash jobs.
ATO taking the fun out of life.
For Sovereign Citizen tax advice read comments below 🙄
For Flat Earth comments this is the wrong video.
If you are born of any nation you are by default sovereign.
If you wish to abandon your birth right then who do you become ?
How does Albanese get a wealth worth over 12million dollars on a his previous sallery and afford a 4.5 million home.
My family has been collecting money 💴 for 100’s of years, we have swapped the notes for newer ones . We have a fear of financial collapse.
But financial collapse means fiat will lose its value. Precious metals and crypto are how the wealthy protect their wealth.
When you see the wealthy cashing in their stocks you know it's coming.... and that's already started.
Crazy. 65k wont get u a decent ute u can depend on for work
Big brother!
I know somebody who has been given 5 cars total, the latest is the nicest at 5 years young… ATO would have trouble swallowing that these were gifts even though it’s true.
Not believing in insurance, I guess I am not involved. The world would be a safer place if you could not get car insurance, if your car was irreplaceable. Nor do I own a small business.
This vid is, however, very interesting. The noose is tightening. Be aware, folks, "they" want you broke, homeless and hungry, that you shall comply without resistance.
That’s how criminals and drug dealers get caught by law authorities, assets don’t match the income.
They need to remove all forms of corruption..............
Buy it under the business name , require to drive clients around . Can't chuck them in a Hyundai and take them to a business lunch at the golf course.
Even vacations overseas are for business expansion .
Thats funny regarding what info Anita gave the finance company. The only time I ever got a loan for a vehicle they just made it up themselves and I got the loan. I have no idea what they used but I don't think it was what I was actually earning...
I think it is a great idea. If you look at the number of those lumbering monstrosities on the road, there should be thousands of tradies and businesses more than there actually is. If you are not doing anything wrong, there is nothing to get emotional about.
What about third party insurance?
ATO running a scare tactic, they already have access to this information through state vehicle registration departments.
Once again, another way to milk more money from the public…!
No. Pay what you owe so it’s fair.
@@stevespatroland what will you get in return ????
I always expect a return on my investment
What about you ?
I wonder if the price of classic cars will suddenly drop they are insured with the likes of Shannon’s
ATO already has inheritance, superannuation after tax contributions, negative gearing, savings, shares, you don’t have to supply that it exists with ATO, Log online to your personal income tax it’s all pre filled. Every year more information topics are added.
So do the insurance companies disclosure agreement include data taken by ATO, and what it’s used for,
Adam Smith (Wealth of Nations) about taxation, writes about capitation tax (GST).
If you are declaring all your income and claiming deductions correctly, why would you be concerned? This will catch out crooks and cheats .
Ask the tax office to define income in the tax administration act. THERE IS NONE
This kind of intuition on privacy needs to stop.
@@craigconstable9407 Yes there is. See my previous response.
@@craigconstable9407 but you are still paying it, why?
@@craigconstable9407 spot on. Most people will call you crazy for calling this out though...