Federal

May 12, 2010

Tax: small business hit with avalanche of tax audits

The government will allocate a further $445 million to the Australian Taxation Office in its fight against tax cheats. But it won't cover everyone, writes former ATO audit manager Chris Seage.

The government last night announced in its Budget papers that it will allocate a further $445 million to the Australian Taxation Office in its fight against tax cheats in the cash economy.

The ATO will get $337.5 million over four years to fund additional activities that promote voluntary GST compliance and provide a level playing field for Australian businesses.  This measure will address issues relating to fraudulent GST refunds, systematic under‑reporting of GST liabilities, non‑lodgement of GST returns and non‑payment of GST debts. It is expected to result in an additional $2.7 billion in revenue over four years due to increased taxpayer compliance.

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