Gold traders’ scam ripped off $1bn GST

Original article by Ben Butler
The Australian – Page: 21 : 1-Mar-18

The Australian Taxation Office estimated in February 2017 that goods and services tax fraud by gold traders had cost the federal government around $A700m in revenue. However, ATO deputy commissioner Timothy Dyce has told a Senate committee that the forgone revenue may now be almost $A1bn. He added that legislation enacted in April 2017 has closed the loophole which enabled gold traders to avoid GST liability.

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, NATIONAL PARTY OF AUSTRALIA

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