The government revealed the biggest crackdown on tax adviser misconduct in history in response to the PwC tax leaks scandal.
Consulting firms caught promoting tax exploitation schemes will be fined up to $780 million, a 100-fold increase, under the Albanese government’s sweeping response to the PwC tax leaks scandal.
“By increasing penalties, giving regulators stronger teeth to investigate and prosecute perpetrators and boosting transparency, collaboration and coordination within government, we are acting to restore public confidence and help prevent this from happening again.”The Australian Financial Review, Implementing recommendations from the independent review of the TPB, particularly widening the range of sanctions available to the regulator.
Whether secrecy provisions of the ATO and TPB should allow information sharing with other regulatory agencies.Options to increase the transparency of where federal contracts have been terminated for material breach.Legislation to increase the powers of regulators and other tax measures is expected to be introduced later this year after consultations on the reforms begin shortly.
The proposed changes will make it easier in future for the ATO to apply them to tax advisers and firms promoting tax avoidance and will lift maximum penalties 100-fold, from $7.8 million to just over $780 million.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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