GOOGLE, Apple and Microsoft are among seven multinationals facing substantial tax bills from the ATO

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Source: news.com.au, 7 April 2107

GOOGLE, Apple and Microsoft are among seven multinationals being hit with substantial tax bills by the Australian Taxation Office. Earlier this month the ATO said it has served the companies with a combined $2.9 billion of liabilities.

Revenue and Financial Services Minister Kelly O’Dwyer said the move was part of a tough new approach by the Turnbull Government, which promised to strengthen the ATO’s powers in response to public outrage over the big profits being generated by such companies from their activities in Australia but paid little or no tax there.

The ATO is setting up audits of 59 multinationals and many other companies to ensure compliance with Australia’s taxation laws. 1000 accountants, lawyers and economists have been examining the books of the suspected tax cheats, with 71 company audits already under way including at least seven multinationals.

The ATO expects some of the companies to fight their tax bills in the Federal Court and others to settle out of court.

Source article here

 

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