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Tax office uncovering Australia’s wealthy

Posted on February 9, 2016 by admin

The ATO is currently working with insurance providers in a bid to identify wealthy Australians with policies that cover an expanded range of asset classes.

Last month, the office launched a data-matching program, which involves contacting insurers to distinguish policy owners of various classes of insured assets that are often associated with wealth.

Insurance policies that cover damages or losses related to marine, aviation, enthusiast motor vehicles, fine art and thoroughbred horses will all be coming under the tax office’s radar.

The ATO will use the information gained through the data-matching process to create a more accurate estimate of individual taxpayer’s actual wealth, so the office can provide tailored services to ensure that everyone meets their tax obligations.

The ATO anticipates that it will receive 100,000 records where the different asset classes meet certain threshold amounts.

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Types of business structures and which is best for you

Posted on September 24, 2020 by admin

An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure.

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