Millions in debt racked up through tax and super systems | The Business | ABC NEWS

By ABC News (Australia)

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The Australian Taxation Office (ATO) would be given powers to stop illegal withdrawals of super from self-managed super funds (SMSFs). Perpetrators of financial abuse often set up a joint SMSF, clear money out of the fund illegally, and then leave the victim facing hefty penalties and risk of imprisonment after the money is gone. Assistant Treasurer Daniel Mulino is unveiling measures aimed at closing the opportunities for financial abuse. He has been considering 61 recommendations made by a parliamentary inquiry into financial abuse. He wants to put greater onus on all financial services providers, including banks, other credit lenders, insurance companies and superannuation funds, to look for signs of financial abuse. Mr Mulino said perpetrators needed to face tougher penalties if they coerced someone into being a company director to rack up tax debts in their name. He is also considering how penalties for tax debts could be waived for victims of financial abuse. #ABCBusiness Subscri

Tags: Australia, abc, abc news, news, financial abuse, economic abuse, tax, tax debts, fraud, superannuation, self managed super fund, SMSF, financial services, domestic violence, family violence, tax abuse, tax evasion, financial counselling, business news, finance news