ATO to target doctors earning over $1 million
HIGH-earning doctors will be under the spotlight this end of financial year as part of the Australian Taxation Office’s (ATO) annual compliance program.
Medical practitioners, along with footballers, will come under extra scrutiny in a special category of individuals earning more than $1 million.
The ATO is advising it will be paying “particular attention” to the use of closely held entities, including charitable trusts and self-managed superannuation funds.
Data-matching programs will examine 500 million transactions, looking for the omission of income, especially from employee share schemes, and the use of tax-minimisation strategies.
More than 2000 highly paid individuals have been reviewed over the past four years by the ATO, with 60% having their tax return corrected as a result of the audit.
Commissioner of Taxation Michael D’Ascenzo said taxpayers who didn’t pay their fair share may face