23 Jul 09 "Targeting Tax Crime" - Tax crackdown nets $313m
In a media release issued on 22 July 2009, the Assistant Treasurer, Senator Nick Sherry, announced that "2 high-profile tax crackdowns have this past financial year raised more than $313 million in tax liabilities and penalties against tax cheats".
Specifically, during the year ended 30 June 2009:
- Project Wickenby raised $230 million in tax liabilities and collected $40 million in cash. In addition Project Wickenby collected $159 million in tax collected in subsequent years from people who have been subject to Wickenby action
- Targeting of phoenix practices also raised more than $83 million in tax and penalties within Australia
To date, the Assistant Treasurer said, Project Wickenby has raised $406 million in tax liabilities and collected $117 million in cash. In addition $235 million in tax has been collected in subsequent years from people who have been subject to Wickenby action. Wickenby agencies have also been responsible for restraining $76 million of assets under proceeds of crime legislation.
These audit results and other key details in the fight against tax crime are contained in a new online magazine entitled "Targeting Tax Crime" published by the ATO.
For a copy of the Assistant Treasurer's media release, No 2009/016, 22 July 2009, go here
For a copy of "Targeting Tax Crime", go here