Tackling Tax Avoidance
The Government has announced $1 billion over four years from 2019-20 to the ATO to extend the operation of the Tax Avoidance Taskforce.
The Taskforce undertakes compliance activities targeting multinationals, large public and private groups, trusts and high wealth individuals. This measure is intended to allow the Taskforce to expand these activities, including increasing its scrutiny of specialist tax advisers and intermediaries that promote tax avoidance schemes and strategies.
The funding should give the Taskforce the resources to tackle tax avoidance. Given the return on investment that the Government sees in these programs – they collect around $3 for every dollar expended – we expect the ATO to continue to come looking for further tax revenue.