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Crackdown on multinational corporate tax evasion

Treasurer Joe Hockey has announced that he has requested the Tax Commissioner ramp up his efforts to prevent multinational corporations from generating profits in Australia before moving them offshore to avoid tax responsibilities.

Tax evasion tactics by multinational corporations have been an ongoing problem in Australia. There has recently been a renewed interest in the issue as revelations about the negligible Australian tax paid by high profile companies, such as Google and Apple, have come to the fore.

The plan to tackle this issue includes reinforcing Australia’s capitalisation rules, collaborating with other countries and strengthening communication between the government and the Tax Commissioner.

Multinational corporate tax evasion is not just damaging to the Australian budget. It also means that there is unfair competition for Australian businesses who are doing the right thing in meeting their tax obligations.

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Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation

September 24, 2020

An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker’s super. A total of 588 million dollars will be distributed to almost 400,00 individuals.

The scheme, which covered payments from the introduction of super in 1992, gave employers the opportunity to come clean without any consequences as long as they paid the unpaid super as well as 10% interest for every year the money was overdue.

The ATO will be directing its attention at any businesses that did not admit fault and these businesses will face severe penalties.

Many individuals are looking to access their superannuation early in order to have support during these times. Although there is criticism of early access to super, this facility has been helpful to many families to keep afloat.