20feb02

NEW laws attacking multi-billion-dollar superannuation tax abuse schemes could net the Australian Taxation Office (ATO) up to $1 billion this year, a Senate committee has heard.

Labor super spokesman Nick Sherry asked the ATO how much revenue was raised from a crackdown on abuse of employment benefit arrangements (EBAs).

"The tax collected in relation to those ... is around $330 million to date," Kevin Fitzpatrick, first assistant commissioner, aggressive tax planning, told the Senate Economics committee.

Asked how much was identified and expected to be raised from the crackdown, Mr Fitzpatrick said: "We've raised by way of amended assessment tax, penalty and interest just under $1 billion to date."

That figure would fall as cases were settled and/or dealt with in the courts where some scheme operators were being followed up, he said.

"If the courts support our view, some of those cases will be reduced because there are multiple taxing points ... income tax and fringe benefits tax," Mr Fitzpatrick said.

"My best judgment would be that if we win through the courts, (we could expect) something a little less than $1 billion ... about $800 million."

A law passed last year closed down two of the three forms of EBA abuse from July 1 - controller interest superannuation and non-complying super funds.