The Australian Taxation Office said that the multinational anti-avoidance law has been successfully implemented, with the restructures resulting in more than AUD 8 billion additional taxable sales being booked in Australia.
Australia’s Tax Avoidance Taskforce’ compliance activities during 2019-20 generated AUD 2.7 billion in tax liabilities and AUD 1.6 billion in audit yield from large public groups and MNEs, wealthy individuals and private groups, the Australian Taxation Office has revealed.
The ATO further said that the multinational anti-avoidance law has been successfully implemented, with the restructures resulting in more than AUD 8 billion additional taxable sales being booked in Australia, among other things.
The ATO said that the Taskforce’ focus during 2020–21, will be on specialist large market advisors that promote and implement tax avoidance schemes.
“We are developing new best practice guidance for legal professional privilege claims and principles for large market advisors, supporting more robust self-governance. Where tax avoidance arrangements are identified, we will issue Taxpayer Alerts to advise taxpayers of our concerns,” it said.
The Tax Avoidance Taskforce was established to ensure multinational enterprises, large public and private businesses (and associated individuals) pay the right amount of tax in Australia.
The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also regularly writes news stories about transfer pricing and international tax law. Alex is reachable at email@example.com