Australia’s tax system gives “draconian” powers to just one person – Tax Commissioner Chris Jordan.
This year,driven by a push from government to bring in extra tax dollars,the ATO has set its sights on the cash economy.
Moves afoot for the ATO to disclose tax debt information to credit reporting agencies have raised fears it cause a tougher approach towards small business.
No tax magic wand is waved for business owners to turn private or non-deductible expenses into tax deductions.
It is increasingly likely Australia will be dragged into the global corporate tax race to the bottom - and the implications are manifold.