“This announcement is another example of the success of the Tax Avoidance Taskforce in strengthening the Australian Tax System,” Deputy Commissioner Rebecca Saint said.
“I am happy to report that the vast bulk of Australia’s largest companies are meeting their tax obligations in full, and that ordinary Australians should be confident that the remainder are being robustly held to account.”
“Taskforce funding has allowed extra focus on international tax structuring to further improve the system, pursuing concerning conduct where it is identified.”
Since its inception in 2016, the Tax Avoidance Taskforce has proven very successful, contributing to the ATO collecting over $10 billion in additional tax from public and multinational businesses over that period, as well as locking in future tax compliance.
Since the commencement of the taskforce, numerous taxpayers have publicly acknowledged finalising their tax affairs with the ATO including Apple, BHP, Chevron, Facebook, Google and Microsoft.
“The impact of the taskforce at the top end of town has been significant and has made a significant contribution to revenue in Australia as well as locking in improved compliance and tax revenues into the future,” Ms Saint said.
The Australian Taxation Office (ATO) welcomes the announcement from medical equipment company ResMed that they have settled their tax dispute for the equivalent of USD381.7 million and locked in future tax certainty.