ATO targets cash economy

THE Australian Tax Office has started sending letters to 9,000 firms in the building and construction industry as part of a campaign to stamp out the cash economy.

The letters, to be distributed during the month of March, seek to address issues that arose during a review of several hundred building and construction businesses.

They include advice on how to maintain appropriate tax records.  The tax office stated that it will not apply penalties to businesses with good records who make an honest, one-off mistake.

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