LATEST ACCOUNTING NEWS
15,000 tip-offs as ATO black economy hotline rings hot
What happens when interest rates hit the floor?
Director Penalty Notices (DPN)
Synchronised global economic slowdown
STP to be increasingly monitored
6 new accounting related videos
GDP by country since 1800
Information needed to be the BBQ expert.
Employee or independent contractor: What happens when it goes wrong?
Single Touch Payroll (STP) reporting irregularities: ATO contacting businesses
Employee entitlements, ‘wage theft’ and Fair Work: Why it’s time to be proactive
How's Australia really doing - the real figures?
Pension deeming rates cut from 1 July 2019
Audit warning sounded as ATO clamps down on dodgy claims
New ATO data-matching program – overseas movement data and HELP debt
ATO black economy strike force heads to Brisbane
Access to more resources and tools than most websites.
Tax Return Mistakes
SMSF advice appetite strong, says ASIC
Taxpayers confused by Scott Morrison’s $1,080 tax refund
Common STP set-up mistakes - ATO
Proposal to hold directors liable for GST set to pierce corporate veil
September 2019 - vital statistics for Australia
Tax Commissioner wants to turn black economy to ‘lighter shade of grey’
Changes to the Private Health Insurance Statement
Up to 9 in 10 ‘other’ expenses adjusted as ATO reveals dodgy claims
Downsizer Super Contribution
Tax payers to receive beefed up tax returns.
10 top global corporations since 1998
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
ATO black economy strike force heads to Brisbane

Up to 400 businesses in inner north Brisbane are set for a visit from ATO officers after a number of tip-offs on black economy activities.



       


 


The ATO’s own data and intelligence has suggested that Teneriffe, New Farm, Newstead and Fortitude Valley are “at-risk” suburbs for suspected black economy behaviour.


According to ATO assistant commissioner Peter Holt, businesses who are not declaring income, not complying with their tax and super obligations or underpaying workers are contributing to the black economy.


“Teneriffe has a long history of dealing with wool fleeces. It’s been a few decades since wool was traded here, but we’re aware that some dishonest businesses are still in the business of fleecing money from the community,” Mr Holt said.


“These dishonest businesses may think they can pull the wool over our eyes, but this couldn’t be further from the truth. We’re aware there is an issue and we want to protect the honest businesses in these suburbs.


“We’ve received tip-offs about businesses in these suburbs demanding cash from customers, unpaid or underpaid employee entitlements, underreporting of sales, and businesses paying their workers cash in hand.


“We don’t just rely on referrals from the community. Our intelligence suggests that some businesses in these suburbs have outstanding tax returns or BAS statements, appear to be operating in cash, or may not be complying with their employer obligations.”


Ahead of the visits, the Tax Office will notify businesses of a potential visit through phone, SMS, email or letter.


ATO officers will carry identification such as a hard plastic card with the coat of arms, the name of the officer and their photograph, and an expiry date. There is also an Australian government watermark on the card itself.


The ATO will also be visiting tax practitioners of small businesses in these areas as part of its early intervention strategy.


These visits will enable the ATO to better understand the drivers behind agent behaviour, and provide education and support to encourage willing participation of their clients in our tax and super systems.


Industries marked out as more likely to be visited include:


  • Cafes, restaurants and takeaway food services
  • Computer system design and related services
  • Pharmaceutical and other store-based retailing
  • Creative and performing arts activities
  • Residential building construction
  • Postal and courier pick-up and delivery services/other transport support services
  • Building cleaning, pest control and gardening services
  • Personal care services

 


 


Jotham Lian 
26 September 2019 
accountantsdaily.com.au


 




5th-October-2019
 
SMSF Advisers Network logo CPA logo Peter I Price & Associates Pty Ltd
Phone: (07) 3376 3411 |Fax: (07) 3376 8904 | Email: info@peterprice.com.au
15 Loffs Road, Mt Ommaney QLD 4074
Liability limited by a scheme approved under Professional Standards Legislation and other than for the acts or omissions of financial services licenses.