That's my exact point. I'm assuming the 122 they are referring to are currently Australians for tax purposes. Introduce an additional tax on their global wealth (over and above any tax due in Australia on foreign income that hasn't been taxed off-shore) and I guarantee you those 122 won't be residents for tax purposes for very long.Is that correct, i.e Australian income is not taxable in Australia ?
FYI:
International tax agreements | Australian Taxation Office
Information about international tax agreements for both residents and non-residents of Australia.www.ato.gov.au