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Day 31 cont

“Family trust blitz threatens ‘financial ruin’ as #ATO goes back decades:

#Wealthy families are being hit with huge bills for #unpaid #taxes and #penalties as the Australian Taxation Office uses sweeping #powers to #investigate taxes on family trust distributions dating back more than 30 years. …

The crackdown is associated with what are known as #FamilyTrust elections and the payment of family trust distributions tax dating back to 1998, when the tax was first introduced to combat #TaxAvoidance schemes.”

I cannot believe hasn’t mentioned and weaponised this ATO action. A tax policy might have uncovered this?

#AusPol / #taxation / #elections <https://archive.md/c6l94> / <https://www.afr.com/policy/tax-and-super/family-trust-blitz-threatens-financial-ruin-as-ato-goes-back-decades-20250429-p5lv2p>