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Tax Avoidance Taskforce claims another win

Tax

The Tax Avoidance Taskforce is continuing to make strides following the settlement of a multimillion-dollar dispute, according to the ATO.

by Emma Ryan2 minute read
Tax avoidance taskforce claims another win

The ATO has reiterated its support of the Tax Avoidance Taskforce in addressing issues at the top end of town following the announcement that medical equipment company ResMed had settled its tax dispute for the equivalent of US$381.7 million.

“This announcement is another example of the success of the Tax Avoidance Taskforce in strengthening the Australian Tax System,” deputy commissioner Rebecca Saint said, adding that “the impact of the taskforce at the top end of town has been significant and has made a significant contribution to revenue in Australia as well as locking in improved compliance and tax revenues into the future”.

Ms Saint said since its inception in 2016, the taskforce contributed to the ATO collecting over $10 billion in additional tax from public and multinational businesses over that period, as well as locking in future tax compliance.

“I am happy to report that the vast bulk of Australia’s largest companies are meeting their tax obligations in full, and that ordinary Australians should be confident that the remainder are being robustly held to account, she said.

“Taskforce funding has allowed extra focus on international tax structuring to further improve the system, pursuing concerning conduct where it is identified.”

In mid-October, Treasurer Josh Frydenberg referenced the taskforce upon welcoming the historic OECD tax agreement, which saw the majority of the world’s economies agree to setting a minimum corporate tax rate of 15 per cent as governments move to ensure global mega corporations are paying their “fair share” of tax.

“Australia’s ongoing engagement in the OECD-led multilateral process complements the strong action the government has taken to strengthen the integrity of Australia’s corporate tax system and prevent multinational tax avoidance,” Mr Frydenberg said at the time.

“The government has implemented more than a dozen measures to address corporate and multinational tax avoidance, including the Multinational Anti-avoidance Law, the diverted profits tax, increased tax penalties for large entities, and establishing a dedicated Tax Avoidance Taskforce within the ATO.”

Tax Avoidance Taskforce claims another win
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Emma Ryan

Emma Ryan

AUTHOR

Emma Ryan is the deputy head of content at Momentum Media and editor of the company's legal publication, Lawyers Weekly.

Emma has worked for Momentum Media since 2015 and has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.

A journalist by training, Emma has spent her career connecting with key industry stakeholders across a variety of platforms, including online, podcast and radio. She graduated from Charles Sturt University with a Bachelor of Communications (Journalism).

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