Rich Aussies Pay $430 Million in Unpaid Taxes, Penalties in 2013
By Vittorio Hernandez | January 28, 2014 10:46 AM EST
Expert Says Australia Could Be Defying 1951 Refugee Convention Due to PM Tony Abbott’s Stand to Stop Boats Carrying Asylum Seekers
Police Forensic Accountant Bares Details of Craig Thomson’s Alleged Use of HSU Credit Card for Sexual Services
Because of a strict campaign to collect unpaid taxes and penalties for 2013, the Australian government's coffer is richer by $430 million. The contributors are mainly the richest Australians, including racing celebrity Sean Buckley, art dealer John Ioannou and businessmen Bob Jane and Geoffrey Edelsten.
The Sydney Morning Herald reports that the four Aussies together got tax bills totalling over $21 million.
Some of the wealthy targets of the Australian Taxation Office's (ATO) efforts criticised the initiative for allegedly handpicking them and called the agency the Gestapo's financial equivalent.
Michael Cranston, deputy commissioner of ATO, disclosed that agency usually recovers $10 for every $1 spent, which led to its expansion via regular funding hikes.
Mr Cranston stressed, quoted by The Sydney Morning Herald, that "If the broader population sees that we make sure that the rich - who can really afford to pay taxes - pay, then it's fairer for them and they are more willing to pay their taxes too."
To run after wealthy Aussies, the ATO operates dedicated compliance programmes for rich Aussies. The programmes have 500 workers and use sophisticated data-matching systems to assess tax and financial records to determine who gets audited.
The programme has monitored over 2,600 Aussies with assets valued at over $30 million. ATO collected from them almost $300 million last year. Since the programme begun in 1996, ATO has collected over $2.8 billion unpaid taxes and fines.
To contact the editor, e-mail:
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- PageSix: Beyonce & Jay Z Union is Not About Love, All About Business & the Brand
Join the Conversation
- Iran Leader Asks Muslims to Supply Arms to Palestine, Calls Israel ‘Rapacious Wolf’
- El Niño Update: 2014 Threat Easing, ‘Unlikely to be a Strong Event’ – Australia BoM
- “Women should not laugh in public” - Turkish Deputy PM says
- Australia Asked National Media to Suppress Multi-National Corruption Case: WikiLeaks
- Opinion Poll in New Zealand Shows National Party Far Ahead in Popular Support
- Samsung Galaxy S5 Alpha Leaks Online: Release Date, Five Features to Wait for New Smart Phone
- Photos of Motorola Moto X+1 Prototype and Specs Leak Online, Release Date, Four Fresh Features Revealed
- Freshly Leaked Apple iPad Air 2 Cases Confirm Touch ID Sensor; Release Date, Limited Specs and Price Listed
- Sony Xperia Z3: Release Date, Five Features to Expect from New Android Smart Phone
- Moto X Android 4.4.4 KitKat Update Guide: Schedule and How to Install
- Top Surprising Features Of iOS 8
- Top 4 Reasons Why iPhone 6 Will Hit Big Soon After its Sept 2014 Release Date