OPINION: Treasurer Jim Chalmers’ clever response to the PwC tax scandal has drastically increased the risks of being in the tax advice game in Australia.
: a break-up of the big four accounting and consulting firms.
Indeed, Chalmers’ new fine – which represents a stunning 100-fold increase on the previous penalty – has forced partners at the big accounting and consulting firms to realise that the risks of having a taxation practice has risen dramatically.The problem the big accounting firms are now grappling with is how they can best manage this risk.
In the press release unveiling the new $780 million fine for tax adviser misconduct, Chalmers noted that “we’re also cracking down on the scourge of multinational tax avoidance and making sure multinationals pay their fair share of tax in Australia”. Chalmers is clearly frustrated that global plans to force multinational companies to pay more tax have stalled.
The genius of Chalmers’ approach is that it’s impossible for anyone to criticise him for taking aim at big accounting firms that market aggressive tax avoidance schemes, including to US tech giants.What’s more, Chalmers has not only greatly increased the size of the fines for such offences, he’s also pledging to increase the power of the Australian Tax Office to clamp down on tax advisers that help clients evade Australian tax laws.
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.
PwC partners hit with restrictions if they try to move to rivalsPwC partners wanting to exit to rival consultancies say they are being hit with unreasonable restrictions that prevent them from providing service to clients they haven’t directly worked with and restrictions on their payout.
Read more »
'They can win the World Cup': Fmr Matildas coach - ABC Radio NationalMuch of Australia has caught Matildas fever ahead of the World Cup Semi Final on Wednesday, but it's been a long journey for many of those involved in women's football. Dr Shona Bass was Vice Captain of the 1979 Matildas, she says its amazing to see the 'visibility' and 'strength of support' for this crop of Matildas. While Jim Selby, first coach of the Matildas says the team is has 'a magnificent opportunity to be successful' and win the World Cup. Guests: Dr Shona Bass, Vice Captain of the 1979 Matildas team Jim Selby, first coach of the Matildas
Read more »
Fears a big four 'sleeper issue' could trigger a corporate collapseThe infiltration of EY, Deloitte, KPMG and PwC in government departments has been well documented. What is less well known is their role in the private sector, where experts fear a sleeper issue could trigger a corporate collapse, writes Adele Ferguson.
Read more »
Fears a big four 'sleeper issue' could trigger a corporate collapseThe infiltration of EY, Deloitte, KPMG and PwC in government departments has been well documented. What is less well known is their role in the private sector, where experts fear a sleeper issue could trigger a corporate collapse, writes Adele Ferguson.
Read more »
Matildas into World Cup semi-finals after shootout dramaThe Matildas have blasted their way into the final four of the FIFA Women's World Cup. FIFAWWC 7NEWS
Read more »
Matildas into FIFA Women’s World Cup semi-finals after shootout dramaThe Matildas have blasted their way into the final four of the FIFA Women's World Cup. FIFAWWC 7NEWS
Read more »