CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Australia To Introduce Civil Penalties For Tax Shelter Promoters

Australia To Introduce Civil Penalties For Tax Shelter Promoters

by Mary Swire, Tax-News.com, Hong Kong

08 December 2003


Australia’s Assistant Treasurer Helen Coonan announced last week that the government intends to introduce a new civil penalty in order to deter and punish firms which promote tax evasion schemes.

At present, Australian law does not include any provisions in either the civil or administrative codes which deal with the creation, marketing and selling of tax shelters or tax avoidance plans. However, under new legislation which the government hopes to have in place by January 1 2004, civil courts will be able to impose penalties up to A$550,000 (US$400,000) or double the amount received by the promoter from selling an abusive tax shelter.

"Despite a number of initiatives by the Australian Taxation Office...the present system of penalizing scheme participants and not the unscrupulous scheme promoters does little to deter the ongoing development of such schemes," observed the Assistant Treasurer as she announced the initiative.

However, the new penalties will not apply to those who provide advice on tax arrangements, such as accountants, lawyers, financial planners and tax agents.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »