The Tax Commissioner Michael D’Ascenzo has announced that the ATO will be vigorously targeting business owners that seek to avoid tax by taking illegal cash-in-hand payments are set to become a renewed target of scrutiny from the taxman.
“Cracking down on the cash economy will remain a priority for the ATO,” D’Ascenzo says. “Unrecorded cash transactions are an unfair practice and have an adverse impact on the vast majority of small businesses that abide by the rules.”
D’Ascenzo warns “rouge” businesses that should they chose not to reform their ways, they will be caught. The introduction of ATO improved methods of detecting possible business breaches of tax laws will assist in their search. He specifically points that the building and construction, hospitality, taxi, retail and transport sectors will be under the heaviest scrutiny.
