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”.