Which body in Australia is responsible for the administration of taxation?

The Australian Taxation Office (ATO) is the principal body responsible for the administration of taxation in Australia. This agency is tasked with the collection of taxes and the enforcement of compliance with the tax laws. It plays a crucial role in revenue collection for the government, overseeing a range of tax matters including income tax, goods and services tax (GST), and fringe benefits tax, among others.

The ATO also provides guidance to taxpayers, ensuring that individuals and businesses understand their tax obligations and entitlements. By doing this, the ATO aims to promote a fair system that minimizes tax evasion and maximizes compliance.

The other entities mentioned serve different functions unrelated to tax administration. The Foreign Investment Review Board assesses foreign investments, the Australian Securities and Investments Commission is focused on corporate regulation and consumer protection in financial services, and the Australian Prudential Regulation Authority supervises financial institutions to ensure their soundness and stability but does not handle taxation directly.