Normal
Bingo.The ATO has been continuially lowering the asset test for "preliminary risk reviews". Iirc, it was $100m, then it dropped to $30m and now it is down at $5m. This has gone hand in hand with a huge increase in funding for the team that investigates this sort of stuff. The prevailing theory now is that if you have significant assets it is when not if the ATO will come knocking for a look under the bonnet.Since 2008, and the fall off in revenue, they've been making sure they get every cent they're entitled to. My accountant was telling me one of his clients was modestly late (30 days) paying his GST and the ATO went straight into his bank account and took what they thought they were owed.Cheating the tax man is bad for your health, imo. There's 650k trusts in Australia, I'd hazzard most of those are not set up to avoid tax.
Bingo.
The ATO has been continuially lowering the asset test for "preliminary risk reviews". Iirc, it was $100m, then it dropped to $30m and now it is down at $5m. This has gone hand in hand with a huge increase in funding for the team that investigates this sort of stuff. The prevailing theory now is that if you have significant assets it is when not if the ATO will come knocking for a look under the bonnet.
Since 2008, and the fall off in revenue, they've been making sure they get every cent they're entitled to. My accountant was telling me one of his clients was modestly late (30 days) paying his GST and the ATO went straight into his bank account and took what they thought they were owed.
Cheating the tax man is bad for your health, imo. There's 650k trusts in Australia, I'd hazzard most of those are not set up to avoid tax.
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