The Government is establishing a taskforce to fight against superannuation and investment fraud, identity crime, and tax evasion, it announced today.
It will provide $127.6 million over four years to aid financial investigations and prosecutions, and build on work done by Project Wickenby - a cross agency task force fighting against tax evasion, avoidance, and crime - that finishes this year. The Government said the taskforce will also help ensure all taxpayers pay their fair share of tax.
Project Wickenby has raised over $2.1 billion in liabilities and has increased tax collections from improved compliance behaviour following interventions.
To date, 76 individuals have been charged with serious offences and there have been 44 criminal convictions.
The Serious Financial Crime Taskforce includes the Australian Taxation Office, Australian Crime Commission, Australian Federal Police, Attorney-General's Department, Australian Transaction Reports and Analysis Centre, Australian Securities and Investments Commission, Commonwealth Director of Public Prosecutions, and Australian Customs and Border Protection Services.
The corporate fund has announced it is seeking a suitable merger partner as the number of corporate super funds in Australia continues to dwindle.
Australia’s second-largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
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