The Australian Taxation Office has issued a fresh warning to wealthy families that owe millions in back taxes, revealing a steep fall in the discount it will allow family trusts that fail to confess to historic mistakes before December 31.
With less than 10 months remaining on a partial amnesty on the hefty interest rates the Tax Office imposes, deputy commissioner Louise Clarke said it would dial back its leniency as it pursued errors in family trust elections dating back to 1999.