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The ATO’s focus on the e-commerce and digital economy industry has resulted in over $1 billion in cash collections and a future $580 million over the next four years as it flexes its muscle on tax avoidance.
Newsletter
E-commerce crackdown raises $1bn
13 December 2018
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7 minute read
The ATO has recently finalised a large program of work focusing on the e-commerce and digital economy industry, with the Tax Avoidance Taskforce collecting over $1 billion in cash collections; ensuring future revenue effects of more than $580 million over the next four years; and completing many complex audits on industry leading e-commerce multinational enterprises (MNEs).
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According to the Tax Office, the evolving nature of the industry has led to highly complex and often unique business and financial structures for these companies.
The sub-industries targeted include IT hardware and software; IT consulting/technical services; online advertising; online retailing; payment processing; cloud and data hosting services; digital platforms – online marketplaces, online gambling/gaming and the sharing economy.
Established in 2016 with a $679 million budget over four years, the taskforce has sought to investigate and combat the most aggressive tax avoidance arrangements.
Over the last financial year, the taskforce has raised nearly $3 billion in liabilities against large public groups and multinational corporations and $1.8 billion in liabilities raised against wealthy individuals and private groups.
It also conducted 68 audits covering 63 multinational corporations as well as 700 audits for wealthy individuals and associated groups.
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