Tips and rumours

Jun 29, 2009

Rich list in ATO’s sights

The Australian Taxation Office has decided to audit the books of Australians who have more than $30 million in personal wealth, says a Crikey tipster.

The Australian Taxation Office has decided to audit the books of Australians who have more than $30 million in personal wealth. The ATO dragnet will cover more than 1200 people on the nation’s rich list. A random check has revealed that very few in this tax bracket are paying their correct share of the tax burden. Indeed, most of them have high-powered tax lawyers who use a variety of devices — family trusts and overseas havens — to avoid their lawful tax obligations. After 11 years of a tax honeymoon during the Howard era, the Commonwealth has decided that it’s high time all Australians, especially those who are living high on the hog, paid their tax dues to live and work in the country they call home.

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One thought on “Rich list in ATO’s sights

  1. Raoul Dunk

    That tax tip is a load of crap. Get off the grass comrades.

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