ATO targeting private school parents

ATO targeting private school parents


In the latest crackdown on tax evasion, the ATO is targeting parents suspected of paying their children’s private school fees from secret offshore bank accounts.

Following concerns that overseas accounts are being used to hide away secret funds, the tax office will be contacting more than 100 parents with private school fees of up to $100,000 per year paid from offshore accounts this week.

While there is nothing wrong with Australians having an offshore account, those individuals are still required to pay tax on the account’s interest or earnings. Suspected parents will be asked to provide documents and attend interviews to answer questions about their arrangements.

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Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.


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