Google settles ongoing dispute with Australian Tax Office with a payment of nearly $500MILLION on top of their previous tax costs
- Result brings collections made against e-commerce firms to about $1.25 billion
- ATO say the settlement is another great outcome for the tax system
- Law has seen $7 billion in taxable sales being returned to the country
Google’s dispute with the Australian Taxation Office has been settled with a payment of an extra $481.5 million on top of their previous tax payments.
The result brings the increased collections made against e-commerce firms to around $1.25 billion.
‘This settlement is another great outcome for the Australian tax system,’ ATO deputy commissioner Mark Konza said in a statement on Wednesday.
Google’s dispute with the Australian Taxation Office has been settled with a payment of an extra $481.5 million on top of their previous tax payments. (stock photograph)
Microsoft, Apple and Facebook have all publicly stated they have settled their tax affairs with the ATO.
Mr Konza said the ATO welcomed the companies’ transparency.
Australia’s multinational anti-avoidance law has seen $7 billion in taxable sales being returned to the country.
The laws have also led to the resolution of cases which had over $1 billon in back tax assessments.
Mr Konza said the ATO was starting to see behaviour change in digital taxpayers.
‘The extension of the (tax avoidance) task force until 2023 will ensure that the ATO is able to continue to pursue these issues and provide assurance to the community that we are doing everything in our power to protect Australia’s tax base,’ Mr Konza said.