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Crackdown on cash economy

The ATO is cracking down on businesses that operate off the books in order to avoid paying their fair share of taxes, also known as operating within the black, underground or cash economy. Businesses are known to use a wide range of strategies to skirt their tax responsibilities. This may include underreporting takings and paying staff in cash. Several businesses have also been caught using EFTPOS terminals that are not registered to the main company.

The ATO has appealed for the broader community to report any behaviour that they think is suspicious, for example, businesses that regularly conduct transactions without putting them through the cash register.

Techniques such as data matching and benchmarking businesses against similar operations will also be used by the ATO in their attempt to catch out businesses who are not paying their taxes.

The ATO has identified particular geographic areas, usually hospitality hotspots, and particular industries known to favour cash that will subject to particularly close monitoring.

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Transition to retirement

November 25, 2020

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.