ATO looks at high net worths
The Australian Taxation Office (ATO) has over 260 audits under way directed at private groups and wealthy Australians, including high net worth individuals, according to the Tax Commissioner, Chris Jordan.
Addressing the Tax Institute, Jordan said the ATO’s work on private groups and wealthy Australians including high wealth individuals (HWI), trusts and promoters was continuing with over 260 audits under way.
“This work has raised almost $550 million in direct liabilities with nearly $290 million in cash collections so far this year,” he said.
Jordan said the ATO’s ‘Top 320’ Private Groups Tax Performance Program was progressing strongly with one-to-one intensive engagements under way or complete with 156 of the 320 private groups with an excess of $860 million of tax assured to date “and full coverage of this population is expected by the end of the financial year”.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
