Latest News

Hot Issues
spacer
Sub-trusts ‘redundant’ under final Div 7A ruling
spacer
Tax Office homing in property deductions, SMSFs warned
spacer
ATO adds indebted sole traders to credit referrals
spacer
State and Federal Covid support --- Aug 2022
spacer
ATO casts net wide when it comes to taxable business income
spacer
Largest natural gas produces by country from 1970-2021
spacer
NALI ‘a special problem for SMSFs’
spacer
Tax time tips
spacer
Census 2021 Data
spacer
Single Touch Payroll: Phase 2 deferral reminder
spacer
Largest inflation rates by country in Oceania
spacer
Write a business plan
spacer
Be wary of trust disclaimers, ATO warns
spacer
Tax time guide offers path through 100A
spacer
Car allowance increase ‘welcome news’
spacer
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
spacer
ATO zeroes in on work expenses, crypto investments
spacer
Forget the Tim Tams in your WFH claim, say ‘fun police’
spacer
Inflation will force a third of businesses to raise prices
spacer
Year-end tax planning
spacer
World GDP Ranking (1960~2025)
spacer
100A ruling ‘turns tax avoidance logic on its head’
spacer
Company directors must register - all you need to know
spacer
Be alert for phoenix activity, businesses told
spacer
Equifax signs data agreement with ATO
spacer
E-invoicing will reduce emissions, says PwC
spacer
Largest cities in the world 1500 to 2100
spacer
Last chance to claim the loss carry-back
spacer
Changes to recovery loan scheme for small and medium enterprises
spacer
About the cash flow forecasting template
Article archive
spacer
Quarter 2 April - June 2022
spacer
Quarter 1 January - March 2022
spacer
Quarter 4 October - December 2021
spacer
Quarter 3 July - September 2021
spacer
Quarter 2 April - June 2021
spacer
Quarter 1 January - March 2021
spacer
Quarter 4 October - December 2020
spacer
Quarter 3 July - September 2020
spacer
Quarter 2 April - June 2020
spacer
Quarter 1 January - March 2020
spacer
Quarter 4 October - December 2019
spacer
Quarter 3 July - September 2019
spacer
Quarter 2 April - June 2019
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Quarter 4 of, 2019 archive
spacer
Our Advent calendar for 2019
spacer
Tax Office sounds warning on 8 types of super schemes
spacer
Don’t forget sharing economy income
spacer
Impress your friends with your knowledge!!
spacer
Salary sacrificing and the superannuation guarantee
spacer
Why so much super “stuff” this year?
spacer
Reverse Mortgage?
spacer
How the gig economy could create hidden tax issues for contractors and employers
spacer
15,000 tip-offs as ATO black economy hotline rings hot
spacer
What happens when interest rates hit the floor?
spacer
Director Penalty Notices (DPN)
spacer
Synchronised global economic slowdown
spacer
STP to be increasingly monitored
spacer
6 new accounting related videos
spacer
Information needed to be the BBQ expert.
spacer
Employee or independent contractor: What happens when it goes wrong?
spacer
Single Touch Payroll (STP) reporting irregularities: ATO contacting businesses
spacer
Employee entitlements, ‘wage theft’ and Fair Work: Why it’s time to be proactive
spacer
How's Australia really doing - the real figures?
spacer
Pension deeming rates cut from 1 July 2019
spacer
Audit warning sounded as ATO clamps down on dodgy claims
spacer
New ATO data-matching program – overseas movement data and HELP debt
spacer
ATO black economy strike force heads to Brisbane
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

 

Liability limited by a Scheme approved under Professional Standards Legislation.
© O'Brien and Partners 2022 - All Rights Reserved | 91 Station Street, Malvern VIC 3144 | Tel: 03 9509 3911 | Fax: 03 9509 3922. Site by Acctweb