cash economy

An ATO “living expenses” tool to tackle the black economy

  It’s known by a variety of names, such as the black economy, or even the cash or hidden economy. But whatever the label, its existence is a pebble in the ATO’s shoe that it is forever looking to prise out. As part of that ongoing effort, the revenue agency has settled upon different sets

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Tax & Super members respond with black economy solutions

  In the 2018-19 federal budget, the government announced a review of existing criminal offences and civil and administrative penalties for black economy activity. As part of this process, Treasury issued a consultation paper late last year, which was titled Improving black economy enforcement and offences (download it here). Tax & Super Australia provided a submission

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The ATO’s snapshot of the small business sector

  The ATO defines small businesses as those entities with an annual turnover of less than $10 million. Its latest data collected on the sector has the following updated facts about this important market. There are around 4 million small businesses in Australia, they account for 99% of businesses in Australia, contribute $380 billion to the economy, employ approximately 5.6 million

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ATO business visits uncover some lax taxation habits

The ATO has been visiting businesses across Australia as part of its ongoing focus on the cash and hidden economy, a campaign it has dubbed Protecting honest business. In particular, it has been focusing on businesses advertising “cash-only” or dealing mainly in cash. The name of its campaign refers to the unfair advantage these cash

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Black economy taskforce wants your input

The government contends that the black economy affects the whole community, provides unfair competition for honest businesses, and leads to the exploitation of more vulnerable workers. Black economy taskforce wants your input “It also increases the costs of providing government services because of people who don’t pay their share of tax. This issue needs a

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