- The ATO’s Serious Financial Crime Taskforce has raised over $3.32 billion in liabilities and collected over $1.13 billion since 2015, completing 2,777 audits and securing 94 criminal sentences.
- Key focus areas include GST refund fraud, false invoicing, misuse of electronic sales suppression tools (ESSTs), and fraud in the precious metals refining industry.
- Fraud schemes involve complex related party structures, false invoicing, duplicated GST claims, and the use of straw directors to conceal true relationships.
- Businesses have used ESSTs to falsify records and under-report income, and some in the gold industry have exploited GST rules by misrepresenting gold transactions.
- The ATO emphasizes its advanced data-matching and intelligence capabilities to detect and prosecute financial crime.
Source: accountingtimes.com.au
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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