The Tax Office has put the nation’s wealthiest families on notice that it is watching closely for any restructuring of their assets or specious strategies to avoid Labor’s proposed tax on superannuation balances above $3 million.
The new tax is not yet law but the ATO has quietly added it to its priority list for wealthy private groups. A spokesman said the Tax Office wanted to understand the “behavioural responses” to the planned tax that might already be occurring.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.