An Australian task force established to combat tax avoidance and responsible for auditing Australia’s largest taxpayers generated about AUD 2.7 billion (approx. USD 2 billion) in additional tax liabilities during the 2019–20 financial year, the Australian Taxation Office (ATO) today announced.
Moreover, tax collected on account of the task force’s activities during the period amounted to almost AUD $1.6 billion (approx. USD 1.2 billion), the ATO said.
This is a decrease from 2018–19 yields, where AUD 3.4 billion (approx. USD 2.5 billion) of tax was generated and AUD 2 billion (approx. USD 1.5 billion) of tax was collected from large taxpayers, comprised of multinational enterprises, public and private businesses, and associated individuals.
The ATO said that in 2020–21, it will focus on “specialist large market advisors that promote and implement tax avoidance schemes, and engage in uncooperative, misleading and obstructive behavior, including the misuse of legal professional privilege (LPP) during our reviews and audits.”
The ATO said it is developing new best practice guidance for LPP claims and principles for large market advisors and may issue formal Taxpayer Alerts to advise taxpayers of any ATO concerns.
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