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
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
