In 2010-11 we continued our focus on serious evasion and fraud, and assisted in the fight against serious and organised crime. Our activities included:
- finalising 142 investigations
- providing 90 briefs of evidence to the Commonwealth Director of Public Prosecutions, including seven briefs arising from joint agency investigations
- dealing internally with 17 briefs relating to offences under the Taxation Administration Act 1953
- completing 120 audits and 56 risk reviews of taxpayers involved in organised crime
- raising $114 million in liabilities and collecting $5.8 million in cash.
Tax secrecy havens
We have increased our audit activities in cases where people have attempted to conceal income and assets offshore, particularly in entity and bank secrecy jurisdictions. In 2010-11 we finalised 878 cases and raised liabilities exceeding $237 million. We also worked closely with AUSTRAC, financial institutions and other overseas tax jurisdictions. This improved our ability to trace fund flows around the world and identify Australians with income and assets hidden offshore. We also continued our cross-agency work under Project Wickenby.
The community is recognising the seriousness of white collar crime of this nature. This has been shown through increased sentences being handed down by the courts, as well as commentary from the judiciary and media making the point that these are crimes against the community.
Project Wickenby is proving to be a significant deterrent against tax crime.
In 2010-11 we:
- completed 878 audits and reviews and issued 672 assessment notices
- raised over $238 million in liabilities
- collected around $66 million in cash
- convicted 10 people, (two people sentenced after 30 June 2011) with 22 criminal investigations ongoing.
Since the project began we have:
- witnessed a decline in fund flows of 80% to Liechtenstein, 50% to Vanuatu and 22% to Switzerland where Project Wickenby has had significant focus
- raised over $1 billion in tax liabilities
- collected over $567 million (including approximately $259 million in cash collections from active compliance, a compliance dividend of approximately $308 million and $2.1 million of other moneys)
- completed 2,327 audits and reviews and issued 1,960 assessment notices
- conducted 23 criminal investigations, charging 62 and convicting 20 people.