The Australian Taxation Office (ATO) has significantly increased its tax take, in part through a focus on large businesses.
Speaking before the Senate Economics Legislation Committee, ATO Commissioner Chris Jordan said the ATO's net collections in the 2022-23 financial year were $576 billion – up $60.6 billion on the previous year. “Rates of corporate tax compliance in Australia continue to set a very high bar for the rest of the world,” he said. “Since the Tax Avoidance Taskforce commenced in 2016, it has helped secure around $28 billion in additional tax revenue from multinational enterprises, large public and private businesses.” Commissioner Jordan said the ATO's decision to target the big end of town helped send a positive message to smaller businesses. “When the community sees large corporates doing the right thing, we know this has a positive influence on attitudes and behaviour to paying tax,” he said. “Small and medium businesses and individual taxpayers contribute significantly to our bottom line.” Commissioner Jordan also said the ATO wanted “to encourage a culture of paying tax on time and in full”, for businesses of all sizes. Comments are closed.
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AuthorRachael Bland – Founder & CEO Archives
February 2024
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