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Is there any other way to prove that my individual tax return already paid tax from the partnership?
Got audit recently and seems to be taxed twice.
example: my business which I run with brother make a profit of $50,000.
Each individual pay there fair share of tax $25,000 taxable income.
So $50,000 has already been accounted for and is tax as an individual.
but i received $50,000 into my personal bank account straight from the business account.
How do I prove that it already been taxed? Already provided both individuals tax return,partnership tax return (shows up as a drawing in bias), and bank statement what else can I provide?
Well it doesn’t seems that the case. It seems they want more evidence to back it up, what else can I provide to satisfy them. Because it went straight into my personal bank of $50,000 and I declared only $25,000. I think they are a bit confused that it already declared on my brother individual tax return.
Over the course of the financial year I transfer a total of $50,000 to my personal account, my brother didn’t receive his share ($25,000) but it stated in his individual tax return that he declared that he got $25,000 from the business. My accountant has provided all the records already( bias statements, financial statement, bank statements both personal and business, ledger etc. We have both lodge our tax return already. I even came to a point were I got another accountant to reconstruct both my business and individual tax return. The result was the same. He even pin point every transaction from the business to my personal account. Try to explain it to this case officer but he having none of it. I don’t know if he wants to listen or not. My accountant is scratching is head thinking what else can he do. Thinking of taking it to court, but will cost me a bit.
Are you still following this, as I may be able to assist ....
unfortunatley the information you have been provided is not usefull under your circumstances and everyone seems to have missed some important information ...