A crackdown on music industry tax cheats is on track to uncover millions of dollars hidden by Australia’s musicians and composers, including some of our rock and pop stars.
Ongoing checks on a sample group of 1000 has already uncovered more than half a million dollars in undeclared royalties, according to documents released to the Herald Sun under Freedom of Information laws.
Australian Taxation Office legal officer Jennifer Saultry said the $512,575 in breaches was not a final figure as the project was ongoing.
More than 15,000 individuals and 1000 companies will eventually be checked.
This is likely to take the total of undeclared cash to more than $8 million, or $1 in every $100 in royalties paid.
The Herald Sun revealed last August that the ATO had used its coercive powers to secretly obtain the details of some $800 million in royalty collections and payments for the three years to June 30, 2013.
The royalty records are being electronically crossmatched with the tax records of individual composers, songwriters, lyricists, music publishers, and copyright owners.
International sensations such as Iggy Azalea and 5 Seconds of Summer, local stalwarts such as Jimmy Barnes will also be subject to the scrutiny of the taxman.
See the full article here. The article has been published by Herald Sun.
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