anningham The

EDITORIAL ENQUIRES:

Warren Strybosch | 1300 88 38 30 warren@findnetwork.com.au

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POSTAL ADDRESS: 248 Wonga Road, Warranwood VIC 3134

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WEBSITE: www.findmanningham.com.au

Our Newspaper

The Find Manningham was established in 2019 and is owned by the Find Foundation, a Not-For-Profit organisation with is core focus of helping other Not-ForProfits, schools, clubs and other similar organisations in the local community - to bring everyone together in one place and to support each other. We provide the above organisations FREE advertising in the community paper to promote themselves as well as to make the community more aware of the services these organisations can offer. The Find Manningham has a strong editorial focus and is supported via local grants and financed predominantly by local business owners.

All Things Manningham

The City of Manningham is a local government area in Victoria, Australia in the north-eastern suburbs of Melbourne. Manningham had a population of approximately 125,508 as at the 2018 Report which includes 27,500 business and close to 45,355 households. The Doncaster and Templestowe Council administered the area until December 15, 1994.

Acknowledgement

The Find Manningham acknowledge the Traditional Owners of the lands where Manningham now stands, the Wurundjeri people of the Kulin nation, and pays repect to their Elders - past, present and emerging - and acknowledges the important role Aboriginal and Torres Strait Islander people continue to play within our community.

Disclaimer

Readers are advised that the Find Manningham accepts no responsibility for financial, health or other claims published in advertising or in articles written in this newspaper. All comments are of a general nature and do not take into account your personal financial situation, health and/or wellbeing. We recommend you seek professional advice before acting on anything written herein.

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Accountant

By Warren Strybosch

Every once in a while, you hear the stories about someone having access to cash from an undisclosed source. You are not 100% sure where they are getting the funds from, but you hear whispers that it might be coming from overseas - being transfer into Australia on their behalf. Well, this is all about to change.

Over the years, the ATO’s data matching capabilities and ability to track funds have increased significantly. Now that banks must disclose transfers and any suspicious activities, it is becoming increasing more difficult for people living in Australia to bring funds in from overseas.

The ATO, has warned everyone that they are increasing their surveillance in the area of money transfers coming into Australia. The ATO believes there are still people living in Australia receiving funds from overseas, who are masking the funds as something else, with the aim to avoid paying tax on that income they receive.

In 2014, the ATO provided an amnesty to those offenders who were receiving funds without disclosing it; to give them a chance to come forward and disclose their omitted offshore income and capital gains, without incurring penalties. However, it is unlikely the ATO will provide such an amnesty now.

The ATO has been working closely with many countries; entering into tax information exchange treaties for data gathering and data matching purposes. The ATO has more power now to access bank accounts to confirm the flow of funds and the ability to cross-check purchases with insurance policies and purchases with the amount of income being declared on returns.

The ATO has made it very clear that if anyone has funds flowing into Australia should have a tax strategy in place to account for those funds and pay the appropriate amount of tax that is due and payable. Otherwise, the ATO has warned that they may face audits, a please explain and possible penalties and fines; with large offenders being taken to court with the potential of facing jail time.

The ATO is really concerned with funds being transferred in the guise of a loan