A $1 billion settlement with Rio Tinto underpinned the record windfall secured by the ATO’s tax avoidance taskforce.
The Australian Tax Office has clawed back $6.4 billion from mining and fossil fuel giants in a record-setting crackdown on multinationals over the past year, with large settlements extracted from Rio Tinto and Ampol contributing to the revenue boost.
The ATO clawed back a record $6.4 billion in revenue from multinationals and large companies in the last financial year.The taskforce’s success in 2022-23 was underpinned by a mammoth settlement with Rio Tinto in July last year after a decade-long battle over its Singapore-based marketing hub. The nation’s top iron ore miner agreed to payin what the ATO Deputy Commissioner Rebecca Saint heralded as “one of the largest settlements in Australia’s tax history”.
“This extra revenue benefits Australians by helping fund vital services like Medicare, aged care and childcare; support our ability to provide targeted cost of living relief to households; and service the trillion dollars of debt racked up by the former government,” Chalmers said.Due to privacy obligations, the ATO is unable to legally disclose the companies it has extracted unpaid tax revenue from unless the settlement is a matter of public record.