Home / Individuals / Articles / ATO investigation of "low doc" loans
Important: This article contains information that may be superseded. It should be used for historical reference only. Use our Search to read other articles with the latest information.

The Tax Office has begun to investigate whether people using "low doc" (or low documentation) loans are likely to have tax compliance issues. Of around 350 taxpayers selected for review, it was found that about 50% had not lodged returns; the average was three years outstanding.

Tax Office checks for concealment of income have raised over $23 million in tax and penalties.

It is expected that in 2006 the ATO will:

Check the lodgement status of people obtaining low doc loans
Explore matching insurance company records with tax returns as most low doc loans are subject to mortgage insurance.

 

Joshua Morse

New to Saward Dawson? Book a free 30 minute consultation

We happily spend 30 minutes without charge with new contacts to explore relevant issues and outline how we can assist. Let us know your area of interest and we will arrange a specialist to meet with you.

Subscribe to e-bulletins

Subscribe Now

Stay Connected