Big end of town hands over another $6.4 billion in tax office crackdown
Australia’s biggest companies and multinationals had paid an extra $6.4 billion in tax last financial year, according to the Australian Tax Office.
Gold Hydrogen has been queried by the ASX (Photo credit: Aleksandr Manzjuk/Kommersant/Sipa USA)
ATO commissioner Chris Jordon said it was a record result and a product of the agency’s increased scrutiny.
“This additional revenue comes directly from our compliance intervention,” he said.
“It is an outstanding result that reflects years of sustained effort from the tax avoidance task force to drive increased tax compliance by large businesses.”
The task force had probed the largest 1100 companies and multinationals which had led to an additional $2 billion a year, on average and last financial year it was three times that result.
About $4.4 billion came from the oil and gas sector.
“Our intervention and strong commodity prices mean that some oil and gas companies are now among the biggest taxpayers in Australia,” Jordon said.
“Some of the revenue is already flowing through the system, positively impacting collections now and into the future.”
Since the task force began in 2016, it has raked in $27.7 billion in additional tax revenue.
