A closer look at the $31bn tax gap

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.

Last month, MyBusiness sister brand Accountants Daily host Jotham Lian was joined by Tax & Super Australia tax counsel John Jeffreys 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.