The Australian Tax Office's (ATO’s) tax avoidance taskforce raised over AUD4.5 billion in tax liabilities and collected AUD2.5 billion in cash in the 2020/21 financial year.

Set up in July 2016, the taskforce says it has now raised AUD22.9 billion in liabilities against public groups, multinationals, wealthy individuals and associated private groups, including trusts and promoters, and collected over AUD15.9 billion from them. Its aim is now to focus on those who deliberately enter into 'abusive trust arrangements' and those who facilitate these arrangements.

During the past year, the ATO taskforce contacted 468 of its list of top 500 taxpayers and their associated entities. This alone raised AUD308 million in liabilities, says the ATO. A separate effort aimed at less wealthy taxpayers, the Next 5000 programme, engaged with 910 taxpayers and their associated entities, raising a further AUD223.6 million in liabilities.

The taskforce's international risk programme conducted 325 activities with privately owned wealth groups and non-resident taxpayers on international matters. This produced AUD266.4 million in extra liabilities and collected AUD232.8 million in cash...