Fines for pushing tax exploitation schemes will increase 100-fold, reaching a maximum of $780 million, while regulators will see their powers increased as the government acts following the PwC tax leaks scandal.
Under the proposed changes the penalty for any company found pushing tax exploitation scheme would increase by 100 times, up to a maximum of $780 million, while regulators will be given stronger powers to investigate and report wrongdoing.
In a joint statement, the Treasurer Jim Chalmers, Minister for Finance Katy Gallagher, Attorney-General Mark Dreyfus, and Minister for Financial Services Stephen Jones announced a raft of measures aimed at tackling"severe shortcomings" exposed by the tax leaks scandal. "We're cracking down on misconduct to rebuild people's faith in the systems and structures that keep our tax system and capital markets strong.
Senator O'Neill said the proposed measurers would ensure the tax system had"integrity", especially as she claimed the Senate Committee investigating the leaks had heard evidence EY, Deloitte and KPMG had been pushing schemes to help companies minimise their tax.
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