Source: Taxation In Australia Journal Article
Published Date: 1 Sep 2018
In March 2018 at The Tax Institute's National 33rd Convention, the Commissioner made observations about practitioner conduct and the impact of that conduct on the revenue. The Commissioner spoke of some practitioners who displayed outdated knowledge and other practitioners who were deliberately scamming or cheating the system. The author identifies leveraging and exploitation of the main residence exemption (MRE) as an area worthy of closer attention. The author also identifies innovations that the ATO could easily implement with the objective of protecting the revenue and simultaneously ensuring that the practices of high integrity agents are not undermined by practitioners with outdated knowledge or by practitioners deliberately scamming or cheating. If implemented, the innovations would: reduce the opportunities for leveraging or exploiting the MRE; enable taxpayers to more readily satisfy the CGT record-keeping burden; reduce undocumented cash transactions for expenditures on main residences; and elevate the importance of feet on the beat.
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