20th December, 2013
Small businesses operating in the cash economy are being targeted through a data-matching program analysing the transactions of almost 1 million businesses. The Australian Taxation Office says data relating to about 900,000 merchants, which it will collect from the major banks and credit card providers, will be electronically matched with ATO records.
The credit and debit card data-matching program, now in its fifth year, will enable the ATO to track down businesses that are operating in the illegal cash economy – an area that’s historically been a difficult area for world tax authorities to trace. More than 1.6 million small businesses in Australia have high volumes of cash transactions.