The government has confirmed it will provide $127.6 million over four years to a taskforce for investigations and prosecutions that will address superannuation and investment fraud, identity crime and tax evasion.
The aim of the Serious Financial Crime taskforce is to maintain integrity and community confidence in Australian financial markets and regulatory systems, the government stated during the Budget release last night.
The taskforce agencies include the ATO, ASIC, Australian Crime Commission, Australian Federal Police, Attorney-General’s Department, Australian Transaction Reports and Analysis Centre, and Commonwealth Director of Public Prosecutions.
The measure is estimated to increase revenue by $419.7 million and expenses by $130.8 million with a net improvement to the budget of $288.9 million in fiscal terms over the forward estimates period.
The revenue includes an additional GST component of $3.2 million, which will be paid to the states and territories.
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