ATO to audit small businesses on GST
The Australian Taxation office will audit more than 140,000 small businesses that have failed to submit Business Activity Statements. The ATO's move is expected to result in the recovery of GST to the tune of $7.5 billion over the next four years. Michael Carmody, the Tax Commissioner, said that the Tax Office intends to be “firm” with business owners who have “deliberately avoided their responsibilities”. But Judy Hartcher, from Certified Practising Accountants Australia, says that more stringent enforcement will only lead to more business bankruptcies.