(Answered) Question - jenny lives in hobartnbsp she is a company

Accounting

Question - Jenny lives in Hobart. She is a company director and maintains a lavish lifestyle. She owns a large house, two imported cars, sends four children to private schools and frequently spends her weekends cruising with friends on her yacht. Despite frequent requests to do so, she refuses to supply details of her financial affairs to the Commissioner of Taxation. She has not lodged tax returns for the last 3 years. In an attempt to compel Jenny to communicate with the Australian Taxation Office (ATO), notices of assessment for the years of income ending 30 June 2012, 2013 and 2014 are issued by the ATO on 15 January 2015. The Commissioner estimates her annual taxable income to be $2 million for each of the 3 years.

ASSUME that you are a tax consultant, and that Jenny has approached you for advice.

She would like to know whether the Commissioner has the power to issue these assessments.
She also seeks your advice on whether there is anything that she can do to challenge the assessments?

Prepare a report advising Jenny on these matters.

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