Yahoo Finance ATO’s tax crime crackdown nets $2.1 million
The ATO made 177 prosecutions and raised more than $2.1 million in fines last financial year.
Tax crime prosecutions are on the rise, nearly doubling year on year, as the Australian Taxation Office (ATO) continues its crackdown.
The ATO made 177 prosecutions last year, which resulted in 174 criminal convictions and 11 custodial sentences. The tax office raised more than $2.1 million as a result.
The ATO said offences included GST fraud, forgery, money laundering, making false and misleading statements, and obtaining financial disadvantage by deception.
Also read: ATO’s urgent warning to 400,000 Aussies
Also read: ATO tax fines skyrocket 10,000%: ‘We’re cracking down’
Also read: ATO tax deadline looms: Your biggest questions answered
Other offences included failure to lodge tax returns, business activity statements and fringe benefits tax returns.
“Tax crime touches every member of our community. It takes money out of the hip pockets of all Australians by reducing the funding that can be allocated for services such as health, education, defence, welfare – the services many of us rely on, and the very thing our tax revenue supports,” the ATO said.
Prosecutions nearly doubled, year on year, increasing from 91 prosecutions and $908,000 in fines in the 2021-22 financial year.
The ATO said its results would continue to increase as it resumed “normal operations post-COVID and environmental influences”.
It follows the ATO’s crackdown on GST fraud made popular on TikTok. Under the scheme, offenders created fake businesses and Australian Business Number applications. They then submitted fake business activity statements to try to get a GST refund.
Aussies risk $1,565 fine
The deadline for Aussies to lodge their tax returns for the 2022-23 financial year to avoid a fine is fast approaching.
If you are lodging your own tax return, you need to do so by October 31 to avoid being fined. If you are using a tax agent, you need to register with one by the October 31 deadline and they will have until May 15, 2024 to lodge your return.
If you miss the deadline, you can be hit with a fine, which increases every 28 days it is late. This starts at $313, but it can increase up to $1,565 for individuals.
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.
