ATO to be investigated over fairness to SMEs; James Packer buys into Robert De Niro’s restaurant chain: Midday Roundup

The Australian Taxation Office’s behaviour towards small businesses and independent contractors will come under the spotlight thanks to a review launched by the Inspector General of Taxation.

The review is will investigate whether SMEs are being unfairly targeted by the tax office and whether the ATO is effectively tackling phoenix activity.

Inspector General of Taxation, Ali Noroozi, told Fairfax there are concerns about how the ATO deals with small businesses trying to meet their tax obligations.

“Employers play a vital role in the economy, including collecting taxes from their employees and paying their entitlements,” Noroozi said.

“It is important to provide them with as much support as possible with these obligations so that their main focus continues to be on their core commercial goals.”

James Packer buys into Robert De Niro’s restaurant chain

Australian billionaire James Packer and US film star Robert De Niro have solidified a strong business partnership with the former buying up a major stake in the latter’s restaurant chain.

Packer’s Crown Resorts has paid $US100 million for a 20% stake in De Niro’s Japanese restaurant chain, Nobu, Fairfax reports.

The pair’s business venture is reported to have come about after they spent time together on movie sets through Packer’s film production company RatPac Entertainment.

Three Nobu restaurants already nestle into Crown casino complexes around the world but a number of new eatery openings are now planned.

Shares down on open

Aussie shares have yet again slipped into the red despite a positive showing from Wall Street.

Michael McCarthy, chief market strategist at CMC Markets, said it will be interesting to watch how the Australian share market responds to news the United States will increase interest rates in December.

“Although higher rates cost businesses more, and hurt company valuations, the confidence expressed in the US economy appeared to outweigh the negatives,” McCarthy said.

“Major indices rallied by more than 1%. Importantly, oil markets joined in the fun, aided by a net draw on weekly stocks but also appearing to confirm improved industrial sentiment.”

“Naturally, higher US rates mean a stronger US dollar. This may stir further interest in Australian shares today, as the Australian dollar hovers around 71 US cents, two cents lower than last week.”

The S&P/ASX 200 benchmark was down 24.5 points, falling 0.46% to 5335.2 points at 11:43am AEST. On Wednesday, the Dow Jones closed 198.09 points higher, up 1.13% to 17,779.52 points.