22 Oct 09 Minister says anti-tax evasion strategy paying major dividends
In a media release issued on 20 October 2009, the Assistant Treasurer, Senator Nick Sherry said that "the national strategy aimed at stamping out tax evasion is reaping dividends for the Australian community".
The Offshore Voluntary Disclosure Initiative, a program run by the ATO to encourage high-wealth individuals to declare undisclosed income from offshore activities, has resulted in 3,028 disclosures since it was launched in 2007 and in more than $50 million being raised in new tax liabilities.
The Assistant Treasurer also announced the latest results of Project Wickenby, the multi-agency compliance program that actively targets a range of tax avoidance schemes.
Up to 31 August 2009, Project Wickenby had resulted in:
- 23 ongoing criminal investigations;
- 46 people being charged with serious offences;
- $440.47 million in liabilities being raised; and
- $365.78 million in collections, including $136.71 million in cash and $223.15 in tax collected in subsequent years from people subject to Wickenby action.
The total expenditure of Project Wickenby up to June 30 2009 was $210.8 million.
For a copy of the Minister's media release, No 2009/073, 20 October 2009, go here