Tax Office warns hundreds of millions risked in trust rort
At least one case involves the sale of real property of several hundred million dollars. The potential outstanding tax liability in that case is approaching $100 million.
The Tax Office has warned companies and their advisers about using a trust scheme to avoid capital gains tax after uncovering cases that triggered hundreds of millions in tax bills.
An official alert was issued after a small number of cases were uncovered involving unit trusts effectively disposing of assets without paying capital gains tax.
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Tom McIlroy is the Financial Review’s Canberra bureau chief based in the press gallery at Parliament House. He was previously the AFR’s political correspondent. Connect with Tom on Twitter. Email Tom at thomas.mcilroy@afr.com
