Tuesday, November 14, 2006
Letter from the Australian Tax Office
Today, I received a letter from the Australian Tax Office regarding my past holding of IYS. This investment sold by Deutsche Bank is in the process of being wound up, though I have already sold. The ATO has disallowed some deductions and other features of the scheme , which apparently it regarded as being too aggressive in reducing tax. So they want to know what I reported on my 2001-2 tax Australian tax return regarding this investment (I moved to the US in July 2002). Luckily, I have all my old tax returns here and the spreadsheets I used in preparing them, so it took hardly any time to dig out the information. Now I know why I save all this stuff :) After mid-2002 I reported all income, deductions, and capital gains and losses on this investment to the US IRS. I hope I don't owe too much tax if any in Australia for that year.
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2 comments:
what if you had disregarded the notice? what do you think would have happened?
In the worst case they might start accumulating interest and penalties for unpaid tax. Eventually, maybe they could seize some of my Australian assets to pay the bill I suppose. Or cause me hassles if I move back to Australia. I hope I don't in fact owe tax. But if I do I want to settle it.
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