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The ATO has released its tax gap estimates for all 15 income and transactional-based taxes for the first time ever, believing $31.2 billion went missing in 2017–18.
A closer look at the $31bn tax gap
23 October 2020
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3 minute read
Tax & Super Australia tax counsel John Jeffreys joins host Jotham Lian to unpack the different tax gaps, including the small business tax gap, which remains the largest gap by dollar value and percentage figure.
John also dissects the ATO’s sample of agent-prepared returns requiring more adjustments than self-prepared returns and gives his take on how to reduce the tax gap.
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- What about the negative tax gap? Eg the blatant over-taxation of families? The denial of loss through for companies and trusts? The cancellation of losses? The ATO is bullshitting us when it talks about fairness or tax gaps or tax expenditures.0
