ITP Research Team
The Tax Avoidance Taskforce was established to ensure multinational enterprises, large public and private businesses (and associated individuals) pay the right amount of tax in Australia. Established in 2016, the taskforce enhances and extends the ATO’s existing compliance activities.
What does the taskforce do?
The taskforce investigates the most aggressive tax avoidance arrangements in Australia, including profit shifting. They work with partner agencies and other jurisdictions throughout Australia to detect and protect the revenue of the tax system. They use data, analytics and intelligence capabilities to identify and manage risks.
The Tax Avoidance Taskforce:
- Coordinates an international risk program, focussing on international profit shifting and corporate restructuring
- Is able to take action against tax avoidance arrangements involving complex and illegitimate trust structures
- Focuses on compliance programs for multinational corporations, public groups, private groups and wealthy individuals
Recently, the Taskforce has been expanded to focus on private groups and high wealth individuals to pay the right amount of tax. There are now three Tax performance programs for private groups.
1 Top 500 private groups program
This program focuses on Australia’s largest private groups. The taskforce will meet one-on-one to understand selected businesses, drivers and risk position with the aim to prevent tax issues from occurring.
2 High wealth private groups program
This program focuses on Australian residents who, together with their associates, control the wealth of more than $50 million. The taskforce will meet one-on-one to address and mitigate tax risks.
3 Medium and emerging private groups program
This program will use enhanced data and analytics to understand operating environments to identify trends and priority tax risks. They will develop programs to mitigate risks to be able to meet their tax obligations.
Medium and emerging private groups represent about 97% of the total private group population and include private groups linked together that control wealth between $5 million and $50 million, and certain businesses with an annual turnover of more than $10 million