Hockey still announcing policy

Multinational companies will face massive fines for tax avoidance, under a new package introduced to parliament on Wednesday.

Treasurer Joe Hockey announced the new bill, despite widespread reports that Scott Morrison has already been offered his portfolio by Prime Minister Malcolm Turnbull.

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Under the new law, Mr Hockey said multinationals cheating the system will be forced to pay back double what they owe, plus interest.

“The law will now cover all multinationals operating in Australia with global revenues above $1 billion. These 1,000 companies will need to consider the new rules if they have economic activities in Australia but book their Australian sales revenue offshore,” Mr Hockey said.

“Further, our legislation implements the OECD’s Country‑by-Country reporting regime and new transfer pricing documentation standards, giving the Australian Tax Office a better picture of how these multinationals companies internally operate.”

Mr Hockey also said the government had ordered the sale of five new properties illegally owned by foreign nationals.

He said the properties are located in Ardross (in Perth), Elizabeth Bay (in Sydney), Underdale (in Adelaide), Stretton (in Brisbane) and Labrador (on the Gold Coast).

He said the properties were valued between $265,000 to $8.1 million.

“Through the information provided by the public, together with our own enquiries, we now have 481 cases under active investigation,” Mr Hockey said.

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