What's in the News
ATO uses GoogleEarth to profile taxpayers.
The ATO has developed a computerised Profiling Tool which it will use to determine whether to conduct a tax audit. This tool sources financial and other information about a particular taxpayer, including personal details, related entities, income from all sources, foreign transactions and capital gains tax transactions. The tool also has a Google Earth button which allows a view of the taxpayer's home and surrounds. A live case as recently demonstrated at the Tax Commissioner's Small Business Consultative Group meeting showed a taxpayer with many related entities and little taxable income. The Google Earth view showed a large waterfront property complete with a jetty. Based on this information the ATO may investigate further into the taxpayer. Source: Chartered Accountants Tax Bulletin Edition 33 - 31 August 2009
Managed by the ACCC, SCAMwatch provides alerts and advice to help individuals recognise and protect themselves against scammers. Victims can report scams through this website.
ASIC have banned a former representative of security dealers, Macquarie Equities Limited and Macquarie Investment Management Limited, from providing a financial service for three years.
ASIC Deputy Chairman, Jeremy Cooper said that this product proves, once again, that lending for property development is risky. 'I can only repeat our messages about putting your money into property-related high-yield investments: Don't be fooled by the fact that mortgages are involved and the lending relates to property ? it is still risky.'
Over 2,000 names have just been added to ASIC?s list of people with money due to them. Some people will find over $10,000.
'These offers are on the rise and investors risk losing money by selling their shares for less than they could get on the open market', ASIC Commissioner, Professor Collier said. Before you sign away your shares, read our 7 safety checks to protect yourself.
Many calculators are helpful, but there are some pitfalls that it pays to be aware of.
Some issues to keep in mind if you're considering this type of loan.