Police seize over 5,000 ounces of silver from man’s home
Last week in the Australian state of Queensland, federal police confiscated a whopping 5,465 ounces of silver (worth roughly $106,000) from a man’s home.
This was part of a larger series of police raids instigated by the Australian Tax Office against individuals suspected of tax evasion.
Two obvious lessons come to mind which bear repeating:
1) As we discussed yesterday, only an idiot commits tax fraud or tax evasion. This goes without saying.
There are far too many completely legitimate ways to reduce or even eliminate what you owe… which means there’s absolutely zero reason to take any chances by wilfully breaking the law.
I know this doesn’t apply to the vast majority of people reading this, but if you are one of the handful of people out there who has been noncompliant with taxes, definitely consider your options to get it fixed.
They will find out eventually.
It’ll be a much better outcome that you step forward and admit a mistake than wait for the inevitable federal agents to kick down your door in the middle of the night.
2) Don’t keep the majority of your assets at home
I’m sure that at least some of the people who were subject to the Australian Tax Authority’s raids probably did commit tax evasion.
But there are probably many who didn’t… people who just happened to end up on the agency’s list through some honest misunderstanding.
Nevertheless, they still had federal police raiding their homes, confiscating anything that looked valuable, including cash and precious metals.
This could happen to anyone. Any of us could end up by mistake on the wrong side of some government agency’s list. It happens to innocent people every single day.
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