As thousands of Australians wonder how they'll put food on
the table this Christmas, the Australian Tax Office (ATO) has
released figures which (again) show that many large companies have
avoided paying tax in recent years.
Despite many individuals being given a tax reprieve this year,
the majority of Australian small businesses have been subjected to
greater scrutiny from the ATO with new compliance systems, checks
and balances, and threats that late returns could result in the
denial of deductions, as well as hefty fines.
More powers and resources
The ATO has also warned it has accrued increasing powers to
cross-match data, and is already using the powers to crack down on
the multi-billion dollar black economy.
