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  • Action collects $1.5 billion from large multinationals

    Since July 2016, we have collected over $1.5 billion from multinational corporations.

    The Tax Avoidance Taskforce continues to investigate multinational corporations and can penalise large multinationals with a tax of 40% if they move undeclared profits overseas.

    As a result of these measures, more money is being invested here, benefiting Australian communities and the economy.

    Key measures

    The Tax Avoidance Taskforce was established to investigate and challenge aggressive tax avoidance arrangements, including profit shifting. Key measures include:

    • The 40% Diverted Profits Tax – from 1 July, large multinational entities that move undeclared profits overseas may be hit with the increased tax.
    • The Multinational Anti-Avoidance Law – this law aims to prevent large multinational entities from claiming profits were earned overseas, when they were earned in Australia.

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      Last modified: 15 Nov 2017QC 53739