Why the ATO Is Targeting Baby Boomer Wealth

by

Ed.

From fortisap.com.au: The ATO is intensifying its scrutiny of wealthy baby boomer Australians, especially those involved in family-controlled businesses, focusing on how they structure asset disposal and comply with tax regulations.

Key concerns include compliance with Division 7A loans, asset transfers potentially aiming to avoid capital gains tax, and the proper completion of trustee beneficiary statements for trusts.

Business owners must carefully assess the implications of restructuring and transferring control of their enterprises to avoid ATO scrutiny and ensure compliance with tax laws.

Filed under: SME & Family Business, Tax - General

Leave a Comment