Budget 2019: Cash splash for the ATO in attempt to claw back $3.6 billion in big-business tax avoidance
Tuesday, April 2, 2019/
The tax office would be given an extra $1 billion to crack down on big-business tax dodgers under a proposed expansion of the tax avoidance taskforce unveiled by Treasurer Josh Frydenberg on Tuesday.
The government wants to provide the tax office with the extra funding over four years to build on its work patching holes in Australia’s tax take, slated to generate $3.6 billion in extra revenue over the next four years.
Specialist tax advisors and intermediaries who help large corporates, multi-nationals and “high-wealth” individuals rip-off taxpayers will be targeted under the expanded program.
The government has made tax avoidance and black economy activity a central part of its policy agenda in recent years and through legislative reform has laid claim to $12.9 billion in tax revenue since 2016.
A further measure which will exclude small business would provision $42.1 million over four years for the ATO to undertake activities designed to recover unpaid tax and superannuation liabilities from big business.
It is estimated these measures would deliver $103.6 million in extra revenue for the Commonwealth over four years.
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