Increased ATO Funding To Counter Fraud
The Government will provide $187.0 million over four years from 1 July 2024 to the ATO to strengthen its ability to detect, prevent and mitigate fraud against the tax and superannuation systems. Measures to be funded includes:
- upgrades to information and communications technologies to enable the ATO to identify and block suspicious activity in real time;
- a new compliance taskforce to recover lost revenue and intervene when attempts to obtain fraudulent refunds are made;
- improvements to the ATO’s management and governance of its counter-fraud activities, including improving how the ATO assists individuals harmed by fraud.
The Government will also provide $0.4 million over four years from 1 July 2024 to the Department of Finance to undertake a Gateway Review process over the life of the proposal to ensure independent assurance, oversight and delivery of the measure.
Important: Clients should not act solely on the basis of the material contained here. Items herein are general comments only and do not constitute or convey advice per se. Also, changes in legislation may occur quickly. We, therefore, recommend that our formal advice be sought before acting in any of the areas.
