The Australian Tax Office stated wealthy Australians owe hundreds of millions of dollars annually in tax due to tax avoidance.
The ATO estimated that individuals and private entities who control a net wealth of over $50 million are deliberately engaging in “artificial and non-commercial arrangements” and avoiding tax payments, totalling $770 million combined.
The ATO is expected to expand its Tax Avoidance Taskforce, from July 1st, with a new program focusing on high-wealth private groups.
Deputy Commissioner for the ATO, Tim Dyce, said the high wealth population will be a key focus area.