Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

The Australian government is continuing to take strong action to ensure that multinationals and all companies across Australia pay the right amount of tax. The evidence is that these measures are working. The establishment of a Tax Avoidance Taskforce within the ATO, along with the ATO's cross-border compliance activities, has resulted in $2.7 billion being clawed back from multinational companies operating in Australia. The government's actions to broaden the scope of large multinationals being subject to the multinational anti-avoidance law and diverted profits tax has resulted in 44 taxpayers bringing their Australian-sourced sales back onshore, which the ATO expects will result in an additional $7 billion in income being returned to the Australian taxpayers per annum. In addition, approximately $461 million in additional GST has been paid in 2017-18, to the end of May 2018, as a result of some global entities restructuring in response to the multinational anti-avoidance legislation we passed. A total of 318 multinational companies are now under active audit— (Time expired)