Originally Posted By DaveW
So if you ever receive a 'Nudge Letter' suggesting that you may wish to disclose income or assets, the earlier you co-operate, the bigger the reduction in penalty when it all ends.

Got one of those from the Italian tax office about a month ago. They effectively said I did not have enough income or assets to afford to buy the Morgan (all declared and VAT paid in Italy). My accountant said to ignore it but Alis was not convinced and did some research.

Turns out that the law had changed and, as an Italian resident, I had to declare, and pay tax on, my Australian assets and bank accounts. This is offset by any similar tax that I may have paid in Australia. My Italian accountant was not aware of the change of law. Fortunately we got onto it with only one day to bring my declaration in line to avoid a fine. Big Brother now knows more about me than I know myself.

Last edited by Gambalunga; 30/11/14 09:05 AM.

Peter

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