Federal Budget 2017-18 | Tax Integrity

By admin - May 9, 2017

The ATO continues to focus on the black economy and organised crime.

The Government has committed additional funding to continue its two key compliance programs into the black economy for businesses with turnover below $2 million and businesses with turnover between $2 million and $15 million for another year. In addition, extra funding will be given to the ATO to fight serious and organised crime in the tax system.

The black economy compliance programs will receive $32 million in additional funding and continue its focus on non-lodgement, omission of income and non-payment of employer obligations such as FBT and PAYG withholding. The program is expected to collect $447 million in revenue over the next four years. The ongoing survival of the black economy compliance program is likely to depend on the Black Economy’s Taskforce final report which is due for release in October 2017.

In addition, the ATO will receive $28.2 million to extend its fight against serious and organised crime in the tax system. This extends the current program to 2021 and is expected to bring in $380 million in additional revenue.

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