Three people jailed over $5.8m fraud
The ATO has advised that 3 people from NSW have been sentenced to a combined 12 years and 10 months’ imprisonment for their roles in a multimillion-dollar fraud against the National Disability Insurance Scheme (NDIS) and ATO. The two men and a woman have also been ordered to repay the Commonwealth a combined total of more than $575,700. The ATO said that subsequent investigations identified a simultaneous fraud on the ATO involving the exploitation of the GST regime, with the ATO joining the investigation in 2021.
ATO annual report for 2023-24 tabled
The ATO has tabled its annual report for 2023-24 before Parliament. It informs parliament, stakeholders and the community about the ATO’s performance for the past financial year. It follows the guidelines approved by the Joint Committee of Public Accounts and Audit, as well as other legislative reporting requirements as listed in sections 17AA to 17AJ of the Public Governance, Performance and Accountability Rule 2014.
CPI number for September 2024 quarter
The Australian Bureau of Statistics (ABS) has released the Consumer Price Index (CPI) number for the September 2024 quarter – being 139.1 (It was 138.8 in the June 2024 quarter.) Note: the CPI number is used for a range of tax indexed amounts including the CGT improvement threshold, the car limit and various superannuation thresholds.
ATO: Annual Corporate Tax Transparency Report
The annual Corporate Tax Transparency Report has been released by the ATO. It analyses aggregated data from the 2022–23 income tax returns of the largest corporations operating in Australia. It describes changes and trends in key headline figures for the population, as well as data by industry segment and ownership group. Among other things it shows that income tax paid by large corporate entities with more than $100m turnover was $97.9bn in 2022-23. The ATO also said that consistent with recent years the significant increase in tax came from the mining sector, this year with the oil and gas and coal sectors showing significant increases in tax contribution.
