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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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News

Reviewing your super

July 19, 2018

The ATO is encouraging taxpayers to review their super this tax time.

Finding lost super or consolidating any unwanted multiple accounts can make a massive difference to your nest egg.

There is over $18 billion in lost and unclaimed super. Those who have changed their name, address, job or lived overseas are at high risk of having lost super.

During the last five years, more than $10.7 billion of super has been consolidated from over 2.1 million accounts through ATO online services.

The ATO is also reminding taxpayers that the new super deduction is available. Most people under 75 years of age can claim a tax deduction for personal after-tax super contributions.

Personal super contributions deductions provide a level of flexibility for young people that change jobs frequently, self-employed contractors, small business employees, freelancers and people whose employers do not offer salary sacrifice arrangements.

To claim a deduction for any personal super contributions made in 2017/18, you must lodge a notice of intent to claim a deduction with your fund and receive a confirmation letter from them before lodging your tax return.