Australians expect everyone to pay their fair share of tax.
But new ATO figures released today show an estimated annual shortfall of $33.4 billion between tax owed and tax paid.
This is money that should be available to reduce the deficit and fund all the services that families and businesses rely on.
That’s why the Albanese Government is investing in the capabilities of our tax regulators to increase receipts by around $5.7 billion over the forward estimates.
That’s $5.7 billion that will be put to cheaper medicines, cheaper childcare, better aged care and deficit reduction.
The investment in our tax regulators over the forward estimates includes:
- $1.1 billion to increase and extend funding for the Tax Avoidance Taskforce, which focuses on multinational, large business, and high wealth tax avoidance
- $242.9 million to extend the Shadow Economy Program for a further three years, which helps to stop dishonest and criminal activities outside of our tax system
- $80.3 million to extend the Personal Income Taxation Compliance Program for a further two years, to support individuals to pay the right amount of tax
- $20.8 million for the Tax Practitioners Board to increase compliance investigations on high risk practitioners.
The Albanese Government is providing a clear signal that tax avoidance will not be tolerated.
Quotes attributable to Stephen Jones, Assistant Treasurer:
“The vast majority of taxpayers do the right thing but cheating on your taxes is not a victimless crime.
“It directly impacts funding for vital services from equipping our defence force personnel to caring for our aged.
“The Albanese Government’s investment in tax integrity will make the system fairer and bring in $5.7 billion in legally‑owed revenue to benefit the whole community.”