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Major new fines for promoting tax avoidance schemes

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15 August 2023 by IdeaSpies

The Australian Treasurer's new $780 million fine for promoting tax avoidance schemes – which represents a stunning 100-fold increase on the previous penalty – has forced partners at the big accounting and consulting firms to realise that the risks of having a taxation practice have risen dramatically.

This crackdown on accounting firms promoting tax avoidance schemes is  part of the Government's broader battle to force big multinationals to pay more tax in Australia.

Not only has the size of the fines for such offences been greatly increased, the power of the Australian Tax Office to clamp down on tax advisers that help clients evade Australian tax laws is also being increased.

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