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Old 05.12.2017, 21:01
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Missing declaration last year

I need to report the tax here annually.

I reported from 10-12. 2016. However, I literally omitted to report my asset in my home town which is less than CHF80K including the investment.

In 2017, I did an international transfer some money from my home town to my account here.

So at the end of this year, should I report my account in my home town? Will they check that transaction out? As on the report forms, I saw my account no. was filled. Will they check every single transaction of my account?

Could anyone give me some advise? Thanks a lot.
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Old 05.12.2017, 21:04
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Re: Missing declaration last year

80k wont make much difference in your tax bill. I prefer to be tax honest so Id just let them know I made a mistake and want to correct that, or just add it next tax income return.

And depending where you have your bank account and what address you use, it would be reported to the tax authorities anyway (EU)
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Old 05.12.2017, 21:09
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Re: Missing declaration last year

Thank you.

I agree and not mind to do that. Another problem I have is I work in bank and I need to also declare my investment. If I report to tax authority about my account in my home town, would my bank also know i have another account in my home town?

Sorry for the naive question.
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Old 05.12.2017, 21:13
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Re: Missing declaration last year

Id worry more about the bank than the tax authorities

Left banking too long ago to know what needs to be reported nowadays. Investment, house, bank accounts?
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Old 05.12.2017, 21:18
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Re: Missing declaration last year

in general i need to report all my securities holding. I didn't submit as too lazy and I didn't trade for long time. Just left the holding there for long time.

I know I have to report but seems now is too late. Just wonder if if my bank will know if I report my account in my home town to the tax authorities

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Old 05.12.2017, 21:21
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Re: Missing declaration last year

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Thank you.

I agree and not mind to do that. Another problem I have is I work in bank and I need to also declare my investment. If I report to tax authority about my account in my home town, would my bank also know i have another account in my home town?

Sorry for the naive question.
Your employers will take this very seriously & will be able to fire you on the spot without paying your notice period which would be perfectly legal.
This is very serious indeed as you will be almost certainly be unable to get another job in Banking again.
How can anyone be so stupid?
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Old 05.12.2017, 21:26
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Re: Missing declaration last year

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in general i need to report all my securities holding. I didn't submit as too lazy and I didn't trade for long time. Just left the holding there for long time.

I know I have to report but seems now is too late. Just wonder if if my bank will know if I report my account in my home town to the tax authorities

It will depend first on the Banks policy and then on the FINMA regulations. Usually my experience here is that they are most concerned in your stock and derivatives portfolios, no matter how small and it is usually approved within days. This is to ensure you don't have a conflict of interest or taking advantage of some knowledge you might have. If you refuse to do it and are found out, you will be fired.

If you want to get a mortgage here in CH from this employer/Bank (usually at better rates) in the future you usually have to provide at least the last tax return maybe a few previous ones! So, something to consider ...
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Old 05.12.2017, 21:27
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Re: Missing declaration last year

Thank you. I understand.

The tax return is to see how much savings I have or how much tax I paid?
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Old 05.12.2017, 21:30
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Re: Missing declaration last year

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Thank you. I understand.

The tax return is to see how much savings I have or how much tax I paid?
To see if what you tell the Bank matches what you tell the tax man. They are not totally naive
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Old 05.12.2017, 21:36
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Re: Missing declaration last year

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To see if what you tell the Bank matches what you tell the tax man. They are not totally naive
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The tax return is to see how much savings I have or how much tax I paid?
what fatmanfilms said. you must declare your entire world assets on the CH/ZRH tax return, EVERYTHING! Then based on that, the tax authorities decide how much tax you should pay.
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Old 05.12.2017, 21:45
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Re: Missing declaration last year

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in general i need to report all my securities holding. I didn't submit as too lazy and I didn't trade for long time. Just left the holding there for long time.

I know I have to report but seems now is too late. Just wonder if if my bank will know if I report my account in my home town to the tax authorities

Well it's been a while since I worked in bank too, but from what I remember, it is not possible to forget to report nor to ignore the requirement. You either report the details or indicate that there is nothing to report - a positive action either way.

So for them it will not be a case of forgetting, but rather a deliberate lie, so good luck trying to explain that one away.
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Old 06.12.2017, 00:32
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Re: Missing declaration last year

Asset? is cash? bricks n mort... errr...?

don't tell them, they wont know.
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Old 06.12.2017, 00:48
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Re: Missing declaration last year

The Zug tax office noticed our assets were 100k less than the year before on the tax declaration. My explanation when they called me was that we'd spent it 😂
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Old 06.12.2017, 01:24
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Re: Missing declaration last year

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The Zug tax office noticed our assets were 100k less than the year before on the tax declaration. My explanation when they called me was that we'd spent it ��
That's ok. Much more interesting if it were 100k more than the year before combined with all your declared salary, income and assets' appreciation
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Old 06.12.2017, 08:48
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Re: Missing declaration last year

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That's ok. Much more interesting if it were 100k more than the year before combined with all your declared salary, income and assets' appreciation
100k more would just be savings from salary or currency appreciation on assets abroad. We had this situation last year: 2 salaries, low interest rates, living lean but taking nice holidays.
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Old 06.12.2017, 09:32
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Re: Missing declaration last year

I wonder how many bank compliance officers have accounts on EF....
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Old 06.12.2017, 17:00
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Re: Missing declaration last year

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100k more would just be savings from salary or currency appreciation on assets abroad. We had this situation last year: 2 salaries, low interest rates, living lean but taking nice holidays.
100k more after all those things are added. How'd you explain that? "Found on the street" ain't going to cut it
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Old 06.12.2017, 17:57
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Re: Missing declaration last year

Its scary for me thinking that you work in a bank. I sincerely hope that you are not a financial advisor.
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Old 07.12.2017, 16:42
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Re: Missing declaration last year

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100k more after all those things are added. How'd you explain that? "Found on the street" ain't going to cut it
They didn't bat an eyelid - we sent them our bank statements so they could see that we earned and what we spent. Apart from holidays we aren't big spenders.
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Old 07.12.2017, 19:41
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Re: Missing declaration last year

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They didn't bat an eyelid - we sent them our bank statements so they could see that we earned and what we spent. Apart from holidays we aren't big spenders.
The question was not about your experience in case you didn't notice
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