Secrecy laws that hampered the investigation of PwC’s tax leak scandal will be overhauled along with a huge increase in penalties for promoting avoidance schemes.
The treasurer, Jim Chalmers, will unveil draft laws on Wednesday to tackle “blatant misconduct in our tax advice industry”, including increasing maximum penalties for advisers and firms that promote tax avoidance schemes from $7.8m to more than $780m.
