Official audit: Australian companies under review over tax avoidance and corporate tax avoidance
By Dawn Evans, News International AustraliaCEOEditor’s note: This story has been amended to clarify that the Internal Audit was conducted by the Department of Finance.
The ABC has asked the department for comment.
The Internal Audit is an independent review of all Australian businesses, including those that are tax-free or exempt from paying corporate tax.
It is also an assessment of the effectiveness of all existing tax measures, and their impact on the economy.
The audit was conducted in March 2018 by independent auditor, Dr David Chua.
It has found that Australian businesses are under increasing scrutiny over their tax arrangements, and the Government is taking the appropriate steps to ensure that taxpayers are not under-taxed.
The audit also identified the need for a review of the structure of the tax system and the tax treatment of overseas entities.
Mr Turnbull said the Government would ensure Australia has a fair tax system, and he has asked for the review.
“We need to get that right, we need to have a fair system for people to pay their taxes, so that we have a competitive tax system,” he said.
“That is what the review will be looking at.”
But we want to ensure we have the right tax structure.
“The review will also examine whether the corporate tax system in Australia is fair, effective and efficient, and will be led by a new external audit.
Topics:tax,government-and-politics,government—business,business-economics-and%E2%80%99-economy,tax,international-aid-and+trade,tax-policy,australia,canberra-2600,sydney-2000,brisbane-4000,qld,nsw,tas,vic,newcastle-2300First posted January 31, 2019 19:46:49Contact: Dawn Evans