ATO targeting what they call the “black economy”

The black economy refers to both dishonest and criminal activities that take place outside of, or involve misuse or abuse of, the tax and regulatory systems. Examples of black economy activities include: not declaring all income over-reporting deductions demanding (or paying for) work cash in hand to avoid obligations other illegal activities, such as illicit tobacco, sham contracting and ABN fraud. According to the ATO Assistant Commissioner Peter Holt, “The…  Read more

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