Tax experts believe asset stripping, offshore wealth transfers and governance are top of hit lists.
Around 940 of the nation’s super rich are the target of deep-dive audits into their finances by the Australian Taxation Office due to suspected tax avoidance or non-compliance.
Clint Harding, a partner with leading commercial law firm Arnold Bloch Leibler, says: “Many taxpayers do not appreciate that the onus of proof is on them to prove [their returns] are correct. They can no longer just sit back and hope they’ll stay off the ATO’s radar, which has very sophisticated analytical and data capabilities to monitor tax affairs.”
The wealthiest 500 annually pay more than $4.4 billion in income tax and over $2.3 billion in net GST, according to ATO analysis.the government allocated the ATO an additional $652 million to extend the tax avoidance taskforce by another two years and increase tax receipts from the nation’s richest by $2.1 billion.Mark Molesworth, tax partner at global consultancy BDO, says the top 500 involves ongoing, one-to-one engagements with the nation’s wealthiest.
Family trusts are required to detail distributions to beneficiaries, including adult children, to ensure they comply with rules on family dealings.The ATO is expected to continue targeting trust stripping and reimbursement arrangements, which can happen when trustees distribute money to individuals or entities with low or zero tax obligations which is then repaid by the beneficiary back to the trust or another family member for the purposes of tax minimisation.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Election scare alert: Does Labor plan to introduce a death tax?Since 2019, the Coalition has been running a campaign to convince you Labor will introduce a 'death tax' if elected. But is there any evidence?
Read more »
Tax office win puts foreign investors on noticePeople who broke the FIRB Act used to get a slap on the wrist, but with a $250,000 fine that ‘wiped out’ one property buyer’s gains, Judge Barry Beach has set a clear precedent.
Read more »
‘Sensitive issues’: Finance Minister urges caution on trans sports banFinance Minister Simon Birmingham says any proposed laws to ban trans women from playing women’s sports should be carefully scrutinised by the Parliament.
Read more »
Sports rebuke proposed ‘dehumanising’ law to ban trans women as Liberals urge cautionAny proposed laws to ban trans women from playing women’s sports should be carefully scrutinised by parliament, Finance Minister Simon Birmingham says. auspol AusVotes2022
Read more »
Unprecedented demand for ambulances forces Telstra to step inFor the first time, Telstra has sought to divert calls for an ambulance in Queensland, as the health system comes under renewed pressure.
Read more »
Chile announces unprecedented plan to ration water as drought enters 13th yearRivers that supply Santiago with water are running low, forcing rotating cuts to different parts of the city
Read more »