Project Wickenby finds $2bn in tax liabilities

Project Wickenby finds $2bn in tax liabilities

The Australian Tax Office's Project Wickenby has located close to $2 billion in owed taxes and recovered around $850 million in its eight years of investigation into wealthy tax avoiders, according to figures released on the ATO website. 

A total $849.75 million had been collected as a result of the project by June 30 this year, exceeding the ATO's target of $651.50 million.

"Recent results show the net is closing on promoters of – and participants in – tax schemes that involve the abusive use of secrecy jurisdictions," the ATO said. 

Among the 74 individuals charged with serious offences under the operation -- 19 through from Australian Crime Commission investigations and 55 from investigations by the Australian Federal Police -- 45 criminal convictions have been achieved. 

A further 69 people have been prosecuted for summary offences -- which can attract penalties of imprisonment less than 12 months -- mostly as a result of outstanding lodgements. 

The project, Australia's largest tax investigation to date, began in 2006.

It has netted such high-profile scalps as Crocodile Dundee star Paul Hogan and his writing and production partner, John Cornell.