Project Wickenby has raised more that $850 million in tax liabilities and charged 57 people since its inception five years ago.
The cross-agency taskforce, which works with agencies both in Australian and internationally, investigates tax avoidance and evasion, breaches of financial laws and regulations, fraud, money laundering, and concealment of income or assets. Since its inception it has raised more that $850 million in tax liabilities, resulted in the 57 people being charged with serious offences, and completed more than 1,400 audits and reviews. There are currently 600 audits and 24 criminal investigations underway.
“Wickenby is about protecting honest taxpayers and holding those to account who engage in this sort of illegal behaviour,” said Tax Commissioner Michael D’Ascenzo.
“We aim to stop the promotion of abusive offshore tax schemes and deter taxpayers from entering them. As the courts have said, the effect of dishonesty and non-disclosure of income increases the burden on all other taxpayers – it is theft.”
Those taxpayers with taxable income hidden offshore have been given the choice of voluntarily declaring to the Australian Taxation Office (ATO) for a review or audit. The ATO stated that generally those who come forward would face reduced penalties and a far smaller chance of a criminal investigation.
