The Hon.

Michael Keenan MP

Federal Member for Stirling
Minister for Justice
Minister Assisting the Prime Minister for Counter Terrorism


 

Standing up for Stirling

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TURNBULL GOVERNMENT CRACKDOWN ON MULTINATIONAL TAX AVOIDANCE TO HELP FUND SERVICES FOR STIRLING FAMILIES

Wednesday, 15 February 2017

 TURNBULL GOVERNMENT CRACKDOWN ON MULTINATIONAL TAX AVOIDANCE TO HELP FUND SERVICES FOR STIRLING FAMILIES
Federal Member for Stirling Michael Keenan has welcomed the news that around $2 billion in tax is expected to be clawed back this financial year from multinational tax dodgers, helping to ensure crucial government services for Stirling residents.

The $2 billion in tax liabilities from multinationals is expected to come from assessments relating to seven audits of large multinational companies in the energy, resources and e-commerce sectors, by the Australian Taxation Office (ATO).

Mr Keenan said the news is proof that the Turnbull Government has gotten on with the job of strongly combatting those multinational companies who seek to game the system.

“As I travel around and talk to people living in Stirling there is broad agreement that multinationals should pay their fair share of tax,” Mr Keenan said.

“Last week we introduced into Parliament the new Diverted Profits Tax, which will close loopholes and prevent multinationals shifting the profits that they earn in Australia offshore to avoid paying tax.

“Australia needs a sustainable tax system with integrity to ensure we can afford the services and infrastructure Stirling residents can rely on now and into the future.”

The Diverted Profits Tax will commence on 1 July 2017, and is expected to raise $100 million in revenue a year from 2018-19.

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