New laws have helped collect over $1.5 billion

By closing international loopholes, and actions by the ATO, more money is being collected from large multinational corporations. As a result, more money is being invested here, benefiting Australian communities and the economy.

Collected $1.5 billion
$1.5 billion since July 2016
ATO action has already collected over $1.5 billion from large multinational corporations.
Diverted profits tax
Diverted Profits Tax
From 1 July 2017, large multinational corporations that move undeclared profits overseas can be penalised with a tax of 40%.
Tax Avoidance Taskforce
ATO & Tax Avoidance Taskforce
The new Taskforce continues to investigate multinationals and enforce tax laws.
Multinational Anti-Avoidance Law
Multinational Anti-Avoidance Law
Preventing large multinational corporations from claiming profits were earned overseas.
Collected $1.5 billion
$1.5 billion since July 2016
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By introducing new laws, the Australian Government has now closed a number of multinational tax loopholes and has also established the Tax Avoidance Taskforce. In fact, since July last year, ATO action has already collected over $1.5 billion from large multinational corporations.

For more information, visit the ATO

Multinational Anti-Avoidance Law
Multinational Anti-Avoidance Law
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The Multinational Anti-Avoidance Law has been established to ensure that large multinational corporations pay their fair share of tax on profits earned in Australia.

The law prevents large multinational corporations from claiming profits were earned overseas, when they were earned in Australia. It’s been in effect since 1 January 2016 and impacts on large multinational corporations with an annual global income of $1 billion or more.

For more information on the Multinational Anti-Avoidance Law, visit the ATO

Diverted Profits Tax
Diverted Profits Tax
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Some multinational corporations use legal loopholes to move undeclared profits overseas in order to pay less tax.

To prevent this behaviour, the Government has introduced a new penalty tax. From 1 July 2017, large multinational corporations that move profits overseas to avoid Australian tax can be penalised with a tax of 40%.

The Diverted Profits Tax is designed to strengthen Australia’s multinational tax avoidance laws and is estimated to raise an extra $100 million per year from the 2018-19 financial year.

For more information on the Diverted Profits Tax, visit the ATO

Tax Avoidance Taskforce
ATO & Tax Avoidance Taskforce
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The Government has invested $679 million over four years to run the Tax Avoidance Taskforce, which is led by the ATO’s Commissioner of Taxation.

The taskforce is expected to raise a $3.7 billion in tax revenue by July 2020.

For more information on the Tax Avoidance Taskforce, visit the ATO

 
$1.5 billion collected since July 2016
October 2017
Since July 2016, ATO action has already collected over $1.5 billion from large multinational corporations.