Over $1 Billion funding to ATO for tax avoidance crackdown

"Over $1 billion will be pumped into the Tax Office special taskforce to scrutinise tax avoidance schemes and strategies as the government looks to expand its crackdown on tax avoidance." According to Jotham Lian from Accountants Daily.

Now, the news and $1 Billion funding was confirmed. As announced in the federal budget, the Federal government will provide $1 billion to the ATO over four years from 2019-20. This fund will be used for extend the operation of the Tax Avoidance Taskforce and fight with tax avoidance.

The additional funding is expected to rake in $3.6 billion over the forward estimates period.

According to budget papers, the measure will boost the tax avoidance taskforce’s ability to target multinationals, public and private groups, trusts and high-net-worth individuals.

Further to the $1 billion funding, the Tax Office is set to receive an additional $42.1 million over four years to increase its activities to recover unpaid tax and superannuation.