According to a report in the Australian national media, the ATO is due to net the government around $3 billion this year through a crackdown on the nation’s largest businesses.
Speaking to the Australian Financial Review, Tax Commissioner Michael Carmody revealed that the tax office is undertaking almost continuous audits on 1,400 of the nation’s firms, which are paying average penalties of almost 30%, besides making adjustments to tax assessments amounting to millions of dollars.
The programme is focusing heavily on transfer pricing and offshore tax arrangements and Carmody told the paper it will have earned the government between $6 billion and $7 billion in the two year period to June 30, 2004.
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