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Property News

ATO to crack down on tax evasion

February 23, 2012

It is safe to say that no one really enjoys paying taxes. You see the amount taken off of your paycheque and maybe a little tear streams down your cheek.

At the end of the tax year, you likely stress out about calculating your expenses for twelve months and then wait with bated breath to see if you owe more money to the government.

However, if you want to drive on paved roads to your residential property, enjoy pristine outdoor parks and send your kids to public school, you have to pay them.

However, there are still those that manage to squeak by the government by dealing only in cash. Certain industries take advantage of their under-the-radar businesses by avoiding the system as much as possible.

However, the Australian Tax Office (ATO) recently announced its increased efforts to crack down on tax evasion.

Strategies include educating the community about not getting receipts on cash jobs, acting on tips from the public and reviewing business records. There will also be published estimates of what similar companies in an industry should be grossing.

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