Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Save

Tax dodgers in hot water as ATO opens dob-in hotline

By Cameron Micallef · June 25 2019
Reading:
egg
egg
egg
Phone call

Tax dodgers in hot water as ATO opens dob-in hotline

author image
By Cameron Micallef · June 25 2019
Reading:
egg
egg
egg
Phone call

Double the amount of referrals from the community about tax evasion have come through to the Tax Office through its hotline service this financial year.

More than half of the referrals since 1 July 2018 were for suspected under-reporting of income or about suspect activities in the cash economy

For example, this may include businesses demanding cash from customers or paying their workers cash in hand. 

ATO assistant commissioner Peter Holt believes businesses have had enough with competing on price with others that do not pay tax.

“We’re seeing an upwards trend in the volume of referrals about people suspected of participating in the black economy, which suggests that honest businesses have had enough of competitors cheating the system and getting an unfair advantage,” said Mr Holt. 

Advertisement
Advertisement

The ATO believes the total number of community referrals will reach 70,000 by the end of the financial year, which is building off last year’s record. 

Mr Holt stated the best way to avoid punishment this financial year is to, first and foremost, obey tax law. This can be proven through the provision of up-to-date records and open and honest communication with the ATO. 

“We understand the pressures business owners face in running a business and that sometimes they make legitimate mistakes. The best way to stay on top of your tax and super is to ensure your records are kept up to date,” Mr Holt added. 

“Good record-keeping will help you complete and lodge your tax returns, manage cash flow, meet your tax obligations and understand how your business is doing,” continued Mr Holt.

This email address is being protected from spambots. You need JavaScript enabled to view it.

Tax dodgers in hot water as ATO opens dob-in hotline
Phone call
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article
author image

About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Copyright © 2019 MOMENTUM MEDIA