THE NEWS WRAP: ATO auditors allegedly using “bully boy tactics” to pursue SMEs

Australian Tax Office auditors are using “bully boy tactics” to pursue small businesses, according to a lawyer who spoke to the Australian Financial Review.

Hall & Wilcox lawyer Andrew O’Bryan said that the “very aggressive” Tax Office was presuming tax cheating by entrepreneurs and conducting excessive ‘fishing’ expeditions.

US risks credit downgrade

Sharemarkets across the world have been hit after Standard & Poor’s warned that it may downgrade the credit rating on the US Government’s huge debt.

Credit rating agency S&P lowered its outlook for the US to “negative”, amid concerns that Republicans and Democrats won’t be able to agree measures to significantly cut government debt.

Ferrero CEO dies in accident

Italian chocolate entrepreneur Petro Fererro has died following a cycling accident in South Africa. Fererro, who was 47, fell from his bicycle during a regular riding session.

Fererro has been co-CEO of the company that owns Fererro Rocher and Nutella with his brother Giovanni since 1997. His father Michele Fererro, who founded the company and is Italy’s richest man, is the chairman. 

Overnight

In closing trade, the Dow Jones Industrial Average fell  140 points to 12,201.52. The Australian dollar remained at near-record levels, hitting 105.51 US cents.