Online f inance

The internet is getting more and more complicated to use. Information is getting poached from site to site, as they battle to make a profile of each and everyone of us.

Remember the ATO. You had to dig up all the info on interest, dividends and all other sundry income. Now a tax return is basically the pressing of a few buttons and all is done automatically. No mistakes, no queries.

I remember back in the 1960s the brothers and I shot a number of kangaroos that were wiping out our stockfeed. Rather than waste all we skinned them and sent the skins to a retailer in Brisbane. In due course a cheque in my name for £63 arrived. I cashed it and gave the three brothers their share.

All good till tax time. The tax agent asked if I had any other income. Well yes, I said I got a few quid for roo skins.

The tax agent said I’d better show my share as the cheque was in my name.

Again all good, for a couple years then a call from the ATO that I had failed to disclose income for a past tax return. I asked can I have details of years and income concerned, as I had shown every single quid earnt? The ATO said no, and that I had to disclose undisclosed income or penalties and fines would be applied.

The ATO eventually said that I had received income from the sale of livestock products and failed to disclose the full proceeds. Please explain!

Four of us were involved and as the brothers worked on the farm and didn’t have a taxable income all was consigned in my name.

They got their share when I cashed the cheque. Try cashing a cheque today.

Ray Harch, Toowoomba