O’Dwyer seeks answers from ATO
The Minister for Revenue and Financial Services, Kelly O’Dwyer, has sought answers from the Australian Taxation Office (ATO) regarding the accusations levelled at it by small businesses on ABC’s Four Corners on Monday.
Interviewees on the show accused the Office of being “a mongrel bunch of bastards” who use their extensive powers to target small business owners.
"They chase low-hanging fruit, people who are being honest and upright, and they whack them with a huge bill and then chase them,” one small business lobbyist claimed.
Another business operator said that "there's an agenda that's going on in there, and the Australian public know nothing about it”.
Money Management can confirm that O’Dwyer has asked for an explanation from the ATO regarding these and other statements made on the program.
The ATO deputy commissioner – small business, Deborah Jenkins, yesterday sought to explain the Office’s actions, saying that the program “focus[ed] heavily on a very small number of atypical cases and extrapolate these across the entire system”.
Recommended for you
The Finance Sector Union has urged any private equity deal for Insignia Financial should make wellbeing paramount for its 4,000 employees, having spent 2024 negotiating an enterprise agreement.
In its pre-budget submission, the FAAA has proposed a government assistance package that could see up to 1,000 financial advice practices receive $10,000 each for hiring a PY candidate.
A third private equity player has emerged in the bidding war to acquire Insignia Financial, rivalling Bain Capital and CC Capital.
The proportion of advisers working at a privately owned licensee rose to 78 per cent in the fourth quarter of 2024 as over 1,000 advisers left a diversified firm.