Luke Grant is joined by Susan Franks, Senior Tax Advocate at Chartered Accountants Australia & New Zealand, about the ATO Small Business Tax Gap report released yesterday that highlights a $11.1 billion tax gap, almost two-thirds (64%) of this credited to black economy behaviour such as not declaring income, workers paid cash ‘under the table’ or exaggerating expenses.

 

Chartered Accountants Australia & New Zealand Michael respond that  the report is a warning to the millions of small businesses now completing their 2019 income tax returns to ensure documentation is complete and accurate.

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