Extend funding for the Serious Financial Crime Taskforce (SFCT) and Serious Organised Crime program (SOC) over 4 years to 30 June 2027 and merge the programs, with a merged SFCT to commence from 1 July 2023.
The Government will extend funding for the Serious Financial Crime Taskforce (SFCT) and Serious Organised Crime program (SOC) over 4 years to 30 June 2027 and merge the programs, with a merged SFCT to commence from 1 July 2023. Funding for both programs currently terminates on 30 June 2023. The SFCT and SOC are currently separately funded ATO-led cross-agency collaborations between the ATO, national policing and other law enforcement and regulatory agencies, targeting serious and organised crime groups and serious financial crime and tax evasion. An extension and merging of these programs will maximise the disruption of organised crime groups that seek to undermine the integrity of Australia's public finances. This measure is estimated to increase receipts by $279.5 million and increase payments by $256.6 million, including an increase in GST payments to the states and territories of $32.7 million over the 5 years from 2022-23.