14 Feb 2019 $2.7 billion protected from the black economy
The ATO has released a media release announcing that the taxable payments reporting system (TPRS) protected $2.7 billion from being lost to the black economy in the building and construction industry in the 2015-16 financial year.
Businesses in building and construction are required to lodge a TPRS annual report each year on any payments to contractors and subcontractors within the industry. The data allows the ATO to identify contractors who fail to lodge returns or activity statements, fail to register for GST, use false ABNs or fail to report all of their income to the ATO.
Read the ATO’s media release here.