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
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
