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26 Jan, 2014

Australian Tax Office nets $430m from the rich – Sydney Morning Herald

Scores of the country’s wealthiest people have been caught up in a huge government blitz that has recouped more than $430 million in unpaid taxes and fines last year.

High-profile figures recently caught up in the crackdown include racing identity Sean Buckley, art dealer John Ioannou and entrepreneurs Bob Jane and Geoffrey Edelsten, who together have received bills totalling more than $21 million.

But the Australian Taxation Office investigation has been criticised by some of its wealthy targets, who claim they are being singled out by hardline and activist tactics that are ”grossly unfair”. Others have blasted the ATO as the financial equivalent of the Gestapo.

Read the rest: Australian Tax Office nets $430m from the rich.