ATO leading financial crime taskforces

Two taskforces targeting phoenix businesses and the misuse of trust structures led by the ATO have been newly prescribed, enabling the ATO to share tax-related intelligence and data with other agencies.

The Trust Taskforce comprises the ATO, Australian Federal Police, Australian Crime Commission, Commonwealth Director of Public Prosecutions, Australian Securities and Investments Commission, Australian Government Solicitor, Attorney-General’s Department, AUSTRAC, Australian Competition and Consumer Commission, Australian Business Register and the Australian Prudential Regulation Authority.
The Phoenix Taskforce is made up of these entities as well as the Fair Work Ombudsman, Fair Work Building and Construction, the Department of Environment, the Department of Employment, the Department of Immigration and Border Protection and the New South Wales and Victorian Offices of State Revenue. It is estimated that phoenix activity costs honest businesses $2 billion in unpaid debts and employees of these phoenix businesses are losing up to $655 million in unpaid wages and entitlements.