eWombat Search

Latest Accounting News
Hot Issues
Tax Office sounds alarm on popular property strategy
Our Advent calendar for 2018
‘Please do not panic’: ATO boss addresses STP concerns
Stop!! Don't do a paper Budget, use our online budgeting tools instead.
Employee Christmas Parties and Gifts – Any FBT?
Behavioural Coaching and your financial plans
FBT – Christmas Parties and Taxi Fares
Information needed to be the BBQ expert.
Tax consequences of trust vesting
Fringe Benefits Tax (FBT): employees’ private use of vehicles
ATO to contact clients over bank details
ATO claws back $850m in unpaid SG in FY 17-18
Appetite for property in SMSFs shows signs of life despite tough market
Superannuation gender gap narrowing, research shows
Identification numbers for directors
How financial advice helps create wealth.
Australia's vital statistics
Unlocking equity crowdfunding in Australia
$20m boost for SME clients looking to exporting
Work-Related Expenses
ATO updates crypto guidance
ATO zones in on hundreds of newly created reserves
Senate passes $20,000 instant asset write-off extension
Victorian Vacant Property Tax
Director Penalty Notices
ATO set to pounce on undisclosed income streams
In case you missed it – The company tax Bill that did pass Parliament.
GST spotlight headed to smaller end of town
Superannuation Amnesty – Maybe! Maybe Not!
ATO drills in car-sharing focus this tax time
Articles archive
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 1 of 2017
Articles
Impending GST changes good news for SMEs
SMSF related-party borrowing arrangements
Primary Producer Income Tax Averaging
Active vs passive assets and the small business CGT concession
ATO issues further taxpayer alerts on key focus areas
Borrowed money to pay a business tax debt? Is the interest deductible?
Online Selling
The dangers of income splitting
Clients failing on depreciation front - property investment
Home office deductions: What substantiation will the ATO accept?
ATO advises accountants on client data swoop
ATO issues stern reminder on new backpacker tax
Debt Recovery
Government takes next step in tax cheats crackdown
Car salary packages and the deductibility of after-tax running costs
Choosing an Executor
ATO fires warning shots at cash economy exploiters
Getting a tax valuation from the ATO
5 tips to get home office deductions right
Government takes next step in tax cheats crackdown

 

The Turnbull government has launched an invitation for public comment to the Black Economy Taskforce ahead of an interim report in March, in an effort to stamp out tax evasion and loopholes.



       


 


In December 2016, Minister for Revenue and Financial Services, Kelly O’Dwyer, announced that a taskforce had been established to crack down on the black economy. 


The ‘black economy’ refers to those who operate entirely outside the tax system and those who are known to tax authorities but deliberately misreport their tax and superannuation obligations.


Ms O’Dwyer said that looking at the black economy is a logical next step in the government’s crackdown on tax avoidance.


“The government has taken significant action to shut down loopholes for multinationals that try and avoid paying tax through measures such as the Multinational Anti-Avoidance Law,” she said in a statement.


“The black economy is the next important piece in the tax integrity puzzle.”


The government has called for stakeholder submissions to the Black Economy Taskforce, which is due to deliver an interim report by March 2017 and a final report by October 2017.


“All those who have an interest in this important work, including those with innovative ideas on how to tackle this complex issue, are encouraged to provide initial views to the Taskforce secretariat by 17 February 2016,” Ms O’Dwyer said.


There will also be further opportunities for public engagement, with a consultation paper to be issued in March, setting out particular questions for comments and detailed submissions.


Additionally, a program of public meetings will be scheduled in the middle of the year.


LARA BULLOCK
Friday, 20 January 2017
accountantsdaily.com.au




5th-February-2017
 

Stapleton Group: Suite C, 6 – 8 Floriston Road Boronia VIC 3155 | Phone: (03) 9760 7800 | Fax: (03) 9760 7860