RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: Usual witch-hunt: Extortionist OZschwitz taxman zeroes in on cash economy Mon Dec 16, 2013 9:22 pm | |
| Small businesses operating in the cash economy are being targeted, with tax authorities tracking the credit card transactions of almost 1 million businesses.
The Australian Taxation Office says data relating to about 900,000 merchants, which it will collect from the major banks and credit card providers, will be electronically matched with ATO records.
The Credit and Debit Card Data Matching Program, now in its fifth year, will enable the ATO to track down businesses that are operating in the illegal cash economy - an area that historically has been difficult for world tax authorities to trace.
More than 1.6 million small businesses in Australia have high volumes of cash transactions. The ATO will match data provided by financial institutions against taxpayer records to identify those who may not be meeting registration, reporting, lodgment and payment obligations.
Read more: http://www.smh.com.au/business/taxman-zeroes-in-on-cash-economy-20131216-2zh9v.html#ixzz2nh94r2FZ |
|