Budget 2016: Other Measures

May 2016

The ATO will be receiving a bigger allocation of funds to form a 'tax avoidance' taskforce to help them pursue companies that fall foul of the multinational tax requirements.

$678.9 million for new ATO anti-avoidance taskforce

A new anti-avoidance taskforce will undertake "enhanced compliance activities" targeting multinationals, large public and private groups and high wealth individuals.

This measure provides the ATO with a 55% increase in funding for compliance programs targeting multinationals and high wealth individuals, with a 43% increase in resources devoted to tackling multinationals (including ramping up to an additional 390 average staffing level per year).

Information sharing between the ATO and ASIC will also be improved.

More Information

For more information about the 2016 Federal Budget, click on the links below or contact us on 02 9957 4033.

Budget 2016

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.