(Australian Associated Press)
The federal government has stepped up efforts to ensure big business and the extremely wealthy pay their fair share of tax with a $1 billion expansion of the ATO’s tax avoidance taskforce.
It expects to raise an estimated $4.6 billion in liabilities over forward estimates by extending the taskforce’s programs and market coverage, according to 2019/2020 budget papers handed down on Tuesday.
The unit in the Australian Tax Office has already helped raise an estimated $6.5 billion in liabilities and $3.5 billion in collections since its creation.
The coalition also noted its clampdown on the black economy had generated in excess of an additional $5 billion for the budget since July 2016 to help fund essential services.
“The operations of the black economy risk undermining the tax and other regulatory systems and raises the burden on honest individuals and businesses” the budget paper said.
Meanwhile, the government will also provide the ATO with $42.1 million over four years to recover unpaid tax and superannuation liabilities from large corporate entities and high wealth individuals.
And new measures to strengthen the Australian Business Number (ABN) system will deliver a further $22.2 million gain to the budget over the four year forward estimates period.