A near three-fold explosion in unpaid GST debt in the past six years is fuelling a surge in unpaid taxes.
A near three-fold explosion in unpaid GST debt in the past six years is fuelling a surge in unpaid taxes to close to $50 billion at the same time the Tax Office has been struggling to control a $4.6 billion wave of fraudulent GST refund claims ignited viaCollectable tax debt has more than doubled since 2017 from $20.9 billion to an estimated $50 billion, budget papers reveal. The biggest part of that surge has been GST debt, which went from $11.3 billion to $27.
The ATO has blocked $2.7 billion of fraudulent claims and paid out another $1.6 billion in the TikTok scam. It has added $300 million in penalties and interest. In recent months, the ATO has ramped up compliance actions against small business, which accounted for $12.8 billion of the $18.3 billion rise in the three years to 2022.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘I joined the club’: GST tax fraud nets good behaviour releaseA Victorian woman revealed in a police interview the ease with which she set up a GST fraud.
Read more »
TikTok GST fraud hit on Tax Office blows out to $4.6bBanks had been warning since 2020 of a GST scam, which became the largest tax fraud in Australian history after it was promoted on the social media platform.
Read more »
Gone in 120 seconds: How a $4.6b fraud wave unfoldedThe 56,000 people in the GST fraud promoted by TikTok only had to fill in three numbers. The consequences could last for life.
Read more »
‘Absolutely rampant’: How the ATO missed a $4.6b crime waveInfluencers on TikTok are being blamed for an explosion of fraudulent GST claims that banks and accountants say went unchallenged for years.
Read more »
SPC sued by former CEO over payout”Robert Giles has settled legal action against the iconic fruit and food processor and its chairman, Hussein Rifai, over unpaid wages and annual leave.
Read more »
Live: Unemployment rate rises to 3.7pc in July, Telstra and Origin profits surge, ASX lowerAustralia's unemployment rate rose to 3.7 per cent in July, surpassing most economists expectations. It comes as the local sharemarket is trading lower despite a flurry of earnings reports from some of Australia's biggest companies. Follow live.
Read more »