[1479] Special emphasis on cash economy.

Australasian Business Intelligence, August, 2003

Aug 29, 2003 (Weekly Tax Bulletin - ABIX via COMTEX)

Michael Carmody, the Australian Tax Commissioner, says greater attention will be paid to the cash economy. Carmody reports that the Australian Taxation Office (ATO) will conduct over 70,000 compliance reviews to detect cash economy businesses in 2003-04. He says 40 of the ATO's staff will focus on the barter industry. Carmody claims the ATO will focus on businesses with annual revenue of under $A2 million in high-risk sectors. These include construction, cafes, hotels and scrap metal dealing. He says the ATO's tax evasion hotline receives over 40,000 tip-offs per year.

Publication Date: 22 August 2003

AUSTRALIAN TAXATION OFFICE 

By Terry Hayes

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