Here at the Smart Tax Bulletin, we can’t stress enough how important it is to have evidence to support your tax position.
As we’ve shown before, the ATO will always follow the legal form of tax law, so you simply must have evidence to support the figures in your tax return.
Several months ago in the Smart Tax Bulletin, we covered the outcome of an ATO-led court case against a taxpayer who had been using CGT concessions for property sales. We also discussed how the case had reignited speculation among tax experts that an ATO crackdown on the property sector was just around the corner (click here to recap).
Well, the latest tax practitioner update from the ATO seems to confirm that theory.
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