Tax Integrity Measures
The Government will continue to target the black economy and will provide $32 million to extend the funding of audit and compliance programs by the Australian Taxation Office (ATO) for another year. These programs are designed to counter behaviours related to the black economy, such as non-lodgement of tax returns, omission of income on returns and non- payment of employer obligations.
A further focus of the Government is to prohibit the manufacture, distribution, possession, use or sale of electronic point-of-sale suppression technology and software, which can be used to delete selected transactions from electronic records.
The ATO will continue its compliance work against serious and organised crime and will provide $28.2 million to the ATO to target serious and organised crime in the tax system. This extends an existing measure by a further four years to 30 June 2021.
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Other Articles in This Edition:
Some of the Biggest Mistakes Small Businesses Make With Their Websites
Federal Budget – Economic Summary
Small Business - $20k Small Business Immediate Tax Deduction
Small Business - Company Tax Rates
Small Business - Extension of Taxable Payments Reporting to Courier and Cleaning Industries
Small Business - Access to CGT Concessions
Small Business - Looking to Employ Foreign Workers?
Individual Tax Rates
Individuals - Changes to the Medicare levy
Restricting Residential Investment Property Deductions
Individuals - Higher Education Reform
Superannuation - Contributing Proceeds from Downsizing to Superannuation
Superannuation - First Home Super Saver Scheme
GST Changes - Purchasers to Pay GST on New Residential Premises
GST Changes - Digital Currency & Low-Value Imports
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