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ATO warns super rich of ‘unprecedented powers’ to scrutinise wealth

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In today’s AFR, tax partner Clint Harding explains that a further funding boost from the recent federal budget will enable the ATO to extend its Tax Avoidance Taskforce for another two years, reinforcing its capacity to scrutinise wealthy individuals and private groups for tax avoidance or non-compliance.

Costing the nation $2.5 billion in foregone tax revenue a year, offshore payments, distributions from trusts and the “black economy” are predicted to be among the ATO’s prime targets. Clint warns that the ATO is likely to continue probing the use of trusts for unlawful cash distributions and tax-saving arrangements under the guise of family business.

“The ATO has very sophisticated analytical and data capabilities to monitor tax affairs, so taxpayers can no longer afford to just sit back and hope they’ll stay off the radar,” Clint said.

To read the full article in the AFR, click here

If you require more information about the ATO’s private wealth compliance programs, you can visit our Tax Disputes Portal here.

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