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.