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  • Outcomes for the second year of the Tax Avoidance Taskforce

    As we enter the third year of the Tax Avoidance Taskforce it is important to look back at the outcomes of the taskforce so far.

    We are proud of our accomplishments to date and we are continuing our work to ensure a level playing field for all businesses operating in Australia. We acknowledge that the majority of businesses are doing the right thing, but when we identify non-compliance, we will take action.

    Our assurance programs engage with taxpayers to make sure they are paying the right amount of tax in Australia.

    Through our Top 1,000 Tax Performance Program, which focuses on public groups, we have engaged with over 260 large businesses with combined turnover of approximately $218 billion. This program aims to obtain additional evidence to achieve greater assurance the largest 1,000 public and multinational companies are reporting the right amount of income tax. This supports and expands existing compliance approaches, further enhancing our level of confidence in these taxpayers.

    Through our Top 320 private groups tax performance program, we are currently engaged with over 310 large private groups with combined turnover of approximately $135 billion with a view to obtaining assurance they have paid the right amount of income tax on their economic activity.

    For our compliance program in the 2017–18 financial year, we raised nearly $3 billion in liabilities against public groups and multinationals. We have 71 audits covering 67 multinational corporations in progress. We raised $1.8 billion against Private Groups and Wealth Individuals and we are currently reviewing or auditing over 700 taxpayers.

    As the Taskforce continues we will keep you up to date with the work we are undertaking.

    See also:

    Last modified: 31 Oct 2018QC 57265