The ATO Fires First Warning Shot
Written on the 2 August 2013
The big picture or big brother?
There are very few data sources the Tax Office does not have access to. Past data programs have included bank information (particularly low doc loans), credit card data, car and property sale data and much more. This year the Tax Office are looking at:
Trusts under attack
Building & construction industry
The wealthy & complex business structures
This means that high income individuals who utilise trust, company and other structures will come under close scrutiny. For taxpayers affected, it will be important to make sure that there is clarity and documentation to support the flow of money from various entities to shareholders and beneficiaries.
Self funded retirees and tax planning
Online and global business – including e-business
Income from overseas
Changing business structures