Even if they rule in your favor regarding the funds transfer, you are still liable to be fined at least $1000 for every year that you did not declare receipt of this lump sum. Mind if I ask how did you route the money to Oz?
Unfortunately, like they always say, "When it doubt, DECLARE."
Sorry dude, that's the rules, I really know how you feel about this, but with that sizable chunk of cash in your account, very hard for you to cry poor.
ATO has been very busy trying to crawl up my back too recently, at least 12 times for 4 separate "suspicious" tax activities since Mid-April. Total tax arrears that they were claiming ran to pretty significant figures. Enough so for me to consider legal representation then.
What you have shared all the more solidifies my belief that Labor is now making a cash grab from the rich instead of trusting them to pump the money back into the economy in an orderly, rational manner.
But as far as I'm concerned, no way they are going to rip me off to shout an abo's next visit to the grog shop.
Thanks Axe...I told that to my accountant too...he is advising the ATO on that principle. So far ATO has not replied but it seem that they don't take the story...Must be the effect of Mr Swan trying to find ways to filled the holes of revenue! I have never report that CPF amount in 2009 tax return...bad luck!!!
Any bros here also kana audit???