Shadow Economy Compliance Program and Tax Avoidance Taskforce extended (May 2024 Federal Budget Update)

Published on 15 May 2024 by Drew Pflaum
Categories: Accounting, News

The Government will extend the ATO Shadow Economy Compliance Program for two years from 1 July 2026. This measure is estimated to increase receipts by $1.9 billion and increase payments by $610.2 million over the 5 years from 2023–2024. This includes an increase in GST payments to the states and territories of $429.6 million.

It will also extend the ATO Tax Avoidance Taskforce for two years, also from 1 July 2026. The Taskforce focuses on multinationals, large public and private businesses and high-wealth individuals. This measure is estimated to increase receipts by $2.4 billion and increase payments by $1.2 billion over the five years from 2023–2024.