Serious Financial Crime Taskforce targets false invoicing (May 2024 Tax Update)

Relevant For:

Australian business owners and financial managers concerned with legal compliance and avoiding serious financial penalties.

Key Points:

• The Serious Financial Crime Taskforce (SFCT), led by the ATO, targets serious financial crimes like tax evasion and fraud.
• SFCT warns against false invoicing used to dodge tax obligations or inflate deductions.
• Multi-agency taskforce, established in 2015, employs a unified approach combining expertise and advanced technology.
• Recent focus on businesses using false invoicing, with significant operations uncovered in Sydney.
• Encourages voluntary disclosure to ATO to potentially reduce penalties.
• Severe penalties include criminal charges, fines, asset confiscation, and recovery of unpaid taxes.