Tax avoidance: Serious Financial Crimes Taskforce has found the tip of the iceberg

Greens treasury spokesperson Adam Bandt MP today said the Serious Financial Crimes Taskforce’s recovery of $85 million in unpaid taxes is just the tip of the iceberg of Australia’s tax avoidance problem.

“Enforcing the current law is one thing, but it’s small change when you consider the pot of gold that’s disappearing offshore because the law is insufficient,” Mr Bandt said.

“The Senate Inquiry into corporate tax avoidance, initiated by the Greens, has exposed huge loopholes in the current law that this government needs to address.”

“Closing the loopholes and continuing enforcement would help secure the revenue we need to properly fund our schools and hospitals.”

“We’ve also got to lift the veil of secrecy and increase transparency in our tax system, so we know who is paying their fair share.”

“Yet on the same day the government boasts about uncovering tax cheats, they’re trying to repeal a law to allow Australia’s most profitable private companies to hide how much tax they do, or don’t, pay.”

“The government should not only be cracking down on the people and businesses avoiding paying tax under our current laws, they should be closing the loopholes in our laws that allow billions of dollars in potential revenue to be lost offshore.”

Media contact: Adam Pulford, 0429 109 054

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