Of interest were a number of the specific figures that the Treasurer put beside the anti-avoidance measures.
- Over 30 corporate groups are currently restructuring, with more to follow. Restructures completed so far have resulted in around $6.5 billion in income per annum now being included in our tax base.
- The ATO’s Tax Avoidance Taskforce estimates this will lead to an additional $100 million in income tax being paid in the first year and over $300 million overall in the first four years after the MAAL came into effect.
- Notably, the restructuring in response to the MAAL also has had a significant impact of around $240 million in GST revenue to the end of 2016/17, to be received by the States and Territories.
- The Taskforce has strengthened the ATO’s capacity to identify and crack down on not only tax avoidance by large corporates and multinationals, but also private groups and high wealth individuals. The Taskforce is estimated to generate a $3.7 billion gain to revenue over the 2016-17/2019-20 forward estimates period.