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Tax office crackdown on Hobart small businesses
Mon 14 October 2019 - 3:43 pmNews
The Australian Tax Office will visit around 300 small businesses on Hobart’s eastern shore as part of a national crackdown on the “black economy”.
The sting comes after public tip-offs about companies paying wages in cash and off the books, not reporting all their sales, or not providing invoices.
“Our intelligence also suggests that some businesses may be over-claiming their expenses,” ATO assistant commissioner Peter Holt said on Monday.
“(They may also) not be complying with their obligations by not paying their employees’ entitlements like super and tax contributions.”
The ATO will visit roughly 10,000 businesses across Australia this financial year as part of an investigation into the black economy, which refers to those operating outside the tax and regulatory system.
Businesses in the eastern shore Hobart suburbs of Lindisfarne, Geilston Bay, Rose Bay, Bellerive, Howrah, Montagu Bay, Rosny, Rosny Park and Warrane will be visited by tax agents.
Education sessions will also be offered to business operators to inform them of their tax obligations.
The ATO estimates the black economy costs the country up to $50 billion a year, about three per cent of gross domestic product.
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