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
- Prince William & Kate Middleton Caught Flirting In A Countryside Dinner Date [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- 2014 US Open: Hottest Male Tennis Players To Watch [PHOTOS]
Join the Conversation
- Teachers’ Strike in BC, Canada Stalls 1st Day of School; Labour Dispute Could Last Even After Labour Day
- Russia Massacres Ukrainian Volunteer Battalions—Surviving Members Alleged
- ISIS Will Target the U.S. Power Grid, Former CIA Says; Could Tap Other Fellow Extremist Groups to Do the Job
- Australia Races Against Potential Genocide In Iraq
- 5.5-Inch iPhone 6 is iPhone Air on Sept 19 Release Date: 5 Things to Consider Before Buying
- Nexus 6 Release Date Update: Moto X+1 Look Leaked, Nexus X or Shamu Moved to Demo Phase