Taxes are back in the spotlight, and the recent buzz around potential policy changes is creating ripples of concern among investors, business owners and everyday Australians alike.

We’ve all seen headlines hinting at changes to negative gearing and adjustments to capital gains tax (CGT) rules, but these are just the tip of the iceberg. While the prime minister may be quick to reassure us that there’s “nothing to see here”, we know governments have a habit of making changes when we least expect them.

As seen in other countries, tax changes can be major and come into effect quickly, catching unprepared investors unawares.Credit: Simon Letch

Last month the Australian Tax Office (ATO) gave a clear message: they’re taking compliance seriously. They sent letters to major insurance brokers requesting details of customers with high-value assets – think fine art, marine vessels, thoroughbred horses, luxury vehicles, motorhomes and even aircraft. If you own any of these, the ATO is keen to know.

And it’s not just happening down here – Canada’s recent tax changes offer some clues about directions other countries may take.

From June 25, Canada........

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