ATO to talk to large private groups
The ATO has reaffirmed it will be contacting high worth individuals via their tax agents in an attempt to classify HWI and associated private groups.
The ATO has announced that it will be contacting specific taxpayers through their tax agents to confirm that they are high wealth individuals (HWI) i.e. have control over net worth of $30 million or more. The news comes on the back of April's announcement that the ATO would be looking at the tax affairs of HWI in real time.
While we're not entirely sure how the ATO intends to achieve the real-time aspect of their reviews, the intent of the correspondence is to achieve a streamlined approach to classify HWI and associated private groups, with the aim of reducing time spent on in-depth research.
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