Budget delivers bite for Anti-avoidance crackdown
04 April 2019
Carlo Moretti, Tax Partner at BDO in Sydney has commented on the anti-avoidance crackdown measures funded in this year’s Budget.
“The Government has outlined a whopping $1 billion of funding over four years from 2019-20 to the ATO to extend the operation of the Tax Avoidance Taskforce and to expand the Taskforce’s programs and market coverage,” he said.
“The additional funding is expected to rake in a massive $3.6 billion over the forward estimates period.
“The measures will increase the resources of the Taskforce including targeting specialist tax advisers and intermediaries who promote tax avoidance schemes and strategies.
“According to the budget papers, the measures will boost the Tax Avoidance Taskforce’s ability to target multinationals, large public and private groups, trusts and high wealth individuals.
“The Taskforce has raised $12.9 billion since July 2016 and this measure will build on existing integrity programs like the ATO Justified Trust program designed to build confidence in the community that large taxpayers are paying the right amount of tax.
“The increased scrutiny of the Tax Office will mean promoters of tax avoidance schemes can expect to face promoter penalty laws and taxpayers who do not come forward will find themselves embroiled in intensive and intrusive tax audits.
“Taxpayers caught up in these schemes should come forward quickly and seek independent tax advice. BDO is at the forefront of assisting taxpayers with these issues.
“Most within the community are paying their fair share of tax and want to see that all in the community are doing the right thing”
Read more: Federal Budget 2019 - Anti-avoidance