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An overview by Corrs Chambers Westgarth, Taxand Australia
The Australian Taxation Office (ATO) has recently published its 2024 Annual Report, outlining a focus on large corporate and multinational tax compliance, particularly in light of rising non-compliance in these sectors.
The ATO is likely to prioritise funding for the “Tax Avoidance Taskforce” reprioritising audits and litigation for multinationals, aiming to reduce a growing “tax gap” estimated at $3.65 billion for large corporate groups. The ATO’s approach includes increased enforcement, fewer confidential settlements, and expanded efforts to clarify tax laws through high-profile litigation. While the ATO has seen improved compliance among small businesses, large corporate groups remain a primary target for audits, penalties, and expedited debt collection actions, such as director penalty notices.
Angelina Lagana, Luke Imbriano and Nathan Unitt from our Australian member firm Corrs Chambers Westgarth have published an overview of the report and its implications here.
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