spacer
spacer
spacer
spacer



CPA LOGO
spacer
Latest News
Hot Issues
ATO hit list 2025 – Key Areas Under Review
Why Succession Planning Matters for Privately Owned and Wealth Groups in Australia
Benefits of a business plan
Roles and Responsibilities in a Business Partnership
Mixing business and pleasure? Be vigilant this tax season
30 June 2025 - Tax Checklist - Small (and Micro) Business
3 more GST fraudsters sentenced under ATO’s Operation Protego
Evolution of Boeing - 1916 - 2025
ATO - Targeted Areas of Focus 2024-25
6 ways to improve your business plan
Benchmarks for small business
Beware the early lodgment tax trap, CPA Australia warns
Tax lawyer flags compliance traps with family trusts
Superannuation on paid parental leave from 1 July 2025
Tax Time Checklists Individuals; Company; Trust; Partnership; and Super Funds
Comparison of various Animal Weights
2025 Tax Planning Guide Part 2
From 1 July 2025 ATO Interest is no longer tax deductible
SME confidence and conditions see uptick over Q1 2025, survey reveals
Depreciation expert urges property investors to leverage tax depreciation
Buy a business
Upskilling and self-education costs
How secure is your super account?
Freshwater Resources by Country 2025
Why Might a Lease Dispute Occur?
$20,000 instant asset write-off
2025 Tax Planning Guide Part 1
New Bunnings scam warning
Articles archive
Quarter 2 April - June 2025
Quarter 1 January - March 2025
Quarter 4 October - December 2024
Quarter 3 July - September 2024
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
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
Tax Commissioner wants to turn black economy to ‘lighter shade of grey’

ATO Commissioner Chris Jordan believes the agency’s local business visits are helping to change community behaviour, while reassuring small businesses that their tax performance fares well on an international scale.



         

 

Seeking to provide some context over the ATO’s recently released tax gap findings, Commissioner Chris Jordan said that despite small business taxes paid coming in 12.5 per cent below what was owed — a higher percentage than either large corporations or individual taxpayers — the sector is doing well in terms of tax compliance.

 

“Internationally, we are performing really well in terms of our small business tax performance,” he said while speaking at the National Small Business Summit in Melbourne.

 

According to Mr Jordan, “the small business economy is paying about 95 per cent of the tax that it should” when you take out the black economy. That figure drops just below 90 per cent when black economy activity is included.

 

In other countries, that figure is “substantially less”, he said.

 

“I think that is a solid achievement... the vast majority of the small businesses there are doing their best to comply.”

 

However, Mr Jordan noted that with the tax gap research showing an $11.1 billion shortfall in taxes actually paid versus what was owed, “there is still work to be done”.

 

“We will hold to account those who do try to cheat the system so that we can continue to protect the people who are doing the right thing,” he said.

 

“Our role as regulators of small business is really about fairness, about protecting against inequity... and making it as easy as possible for people to comply with the regulations.”

 

This, he suggested, is why the government and the ATO are so aggressively targeting the black economy.

 

“We’re hoping to see the black economy change from black to at least a lighter shade of grey over time.”

 

ATO visits ‘have an impact’


 

Mr Jordan also spoke about the ATO’s plans to visit up to 10,000 SMEs across the country each year.

 

The commissioner said that media coverage of where ATO inspectors will visit next attracts considerable attention.

 

“People do sort of pay attention to it, it does have an impact,” he said.

 

“I was only talking to someone last night who was saying that the local baker that they go to has gone from a cash-only sign to EFTPOS now.”

 

 

 

Adam Zuchetti 
02 September 2019
accountantsdaily.com.au

 



7th-September-2019
spacer
Privacy Policy | Disclaimer