2023-2024 ATO received over 47,000 tax evasion tip-offs; warns $16B annual cost, prioritizing combating under-reported income.
The Australian Taxation Office (ATO) warns against cash tax avoidance, stating it costs the economy about $16 billion annually. In the 2023-2024 financial year, the ATO received over 47,000 tip-offs about tax evasion, primarily from the construction, hospitality, and beauty sectors. The ATO is focusing on combating electronic sales suppression tools that allow businesses to under-report income. The rising number of reports reflects increasing public intolerance toward tax evasion.
October 14, 2024
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