ATO crackdown on tax paid by rich; The Iconic starts weekend delivery; Shares down: Midday Roundup

Australian taxpayers worth more than $30 million will this month receive letters from the Australian Taxation Office seeking information about tax structures.

The ATO says it will progressively engage with 2800 people who are above the threshold. The taxpayers will be given the opportunity to confirm their tax bill or provide more information if they do not agree.

The ATO says it will continue to identify very wealthy people through data matching, including cross-checking information held by other government agencies and state agencies that hold information on land title, motor vehicle and share registries.

Over the past five years the Tax Office has raised more than $4 billion in liabilities from wealthy people, although a substantial amount of that is in dispute, Fairfax reports.

The Iconic starts weekend delivery

Online fashion retailer The Iconic has become the first domestic fashion e-tailer to deliver on weekends.

The Iconic already offers express three-hour delivery on business days, and has now teamed up with Australia Post’s StarTrack to promise Saturday delivery for customers who order on Friday or before 10am on Saturday.

The Iconic’s co-founder and managing director, Adam Jacobs, says the move follows a spike in demand from time-poor shoppers who shop late in the week.

“They’re nervous that if they order on Friday or Thursday they may not get their order in time,” Jacobs told Fairfax.

“We’re investing in customers’ life-time value,” he said. “There’s enough margin in their basket to give them that premium service.”

Shares down

CMC Markets chief market analyst Ric Spooner says stock market reaction to weaker commodity markets, especially in oil, is likely to be a key focus in early trading.

“This morning’s quarterly update from by the Commonwealth Bank is a solid result and looks broadly consistent with the underlying story painted by recent bank results,” Spooner says,

The benchmark S&P/ASX200 index was down 31 points, or 0.6%, to 5488.9 at 11.38 AEST. The Dow Jones Industrial Average closed up 17.6, or 0.10%, to 17383.8.

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