27 Mar 14
Wealthy Australians and voluntary compliance
MEMBER 25 writes:
"I refer to the ATO document 'Wealthy Australians and voluntary compliance'. It states, towards the end, as follows:
'Approximately 300 tax agents represented wealthy Australians who were subject to a tax adjustment through compliance actions. These agents collectively represent approximately 10,000 wealthy Australian groups, comprising 140,000 linked entities. The indirect impact amounts to approximately $67.5 million in additional revenue.'
Why are the ATO now attacking small clients who have assets of around 5–10 million dollars, all investments and or other assets.
It is time that the ATO started to actually look into the really large tax evaders. This is precisely why we do not get to achieve the 85% lodgment deadlines, due to the ATO wasting our time.
The implication is that the tax agent is the problem. Have the ATO not realised that the client is the problem not the humble tax agent?"