ATO and regulators receive funding boost

Peter Dutton

Australia’s financial services regulators and the Australian Taxation Office (ATO) will receive additional funding as a result of the Federal Budget.

Assistant Treasurer Peter Dutton announced that the Australian Securities and Investments Commission would receive a $116.7 million increase in funding over four years in the Budget to support an upgrade in its information technology infrastructure.

He said that ASIC’s core systems were under pressure as a result of increasing demands from the public for company information, and the additional funding would allow the regulator to transition existing systems onto new commercially supported technologies that would be more effective and reliable.

At the same time Treasurer Peter Costello announced that additional funding would be provided to the ATO to help underpin the Government’s new ‘simpler super’ reforms, with $78.5 million being provided over two years.

The Budget documents explained that the funding was due to the increased costs for information and communication technology expenses associated with implementing the ‘simpler super’ reforms.

As well, the ATO will receive $125.7 million over four years to help reduce the level of outstanding taxation debt relating to superannuation guarantee charges owed by employers.