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24
May
  • Posted By : Administrative
  • Category: General Tax Topic
  • Comments: 0

WHAT IS TAX CRIME? HOW CAN AN INDIVIDUAL DEAL WITH IT?

Tax crime occurs when people intentionally abuse the tax and superannuation systems to evade tax and enjoy illegal financial benefits. It encompasses a broad range of non-compliant activity that can result in criminal and civil penalties like fines or imprisonment. This dishonest behaviour includes the followings:

  •  Intentionally failing to file an income tax return; 
  • Deliberately neglecting to pay taxes dues; 
  • Intentionally failing to report all income received; 
  • Making fraudulent or false claims;
  • Preparing and filing a false return or misleading statements.

Tax crime does not cover only the above events but also any other non-compliant activity in which a person is deliberately involved to avoid tax.

However, tax crime is dealt with very seriously since it poses a risk to the society not just t from the loss of revenue but because of the links to money laundering, organised crime, and identity crime.

There are a variety of penalties that might be imposed for tax crime. These include:

  • Fines;
  • Imprisonment;
  • Good Behaviour Bond;
  • Community Service Orders; 
  • Intensive Corrections Order (ICO); 
  • Suspended Sentence.

So, it is better to be cautious at the very beginning of lodging your return so that you do not miss the deadline or there are not any misleading statements. However, if you have been accused of a tax crime or charged with a tax crime offence, you should consult your lawyers immediately.


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