The 'tax gap' is the difference between the tax that would have been determined if all taxpayers had reported all of their activities and transactions correctly, and the tax determined in practice. Generally, tax gap estimates exclude illegal sources of income. This article considers how best to estimate the tax gap attributable to business taxpayers in Australia.

Australian businesses operate within a complex legal environment, so it's important students and professionals understand their legal obligations. Contemporary Australian Business Law is an authoritative text that makes key legal concepts accessible to business students, while maintaining academic rigour. Written for business students new to studying business law, this text introduces the fundamental legal topics encountered in business, including contracts, business structures, taxation, property and employment. Discussion in each chapter strikes a balance between accessibility and detail to assist understanding of these complex legal issues. A hypothetical scenario running through each chapter scaffolds learning and provides relevant real-world examples of the law in practice. Each chapter includes margin definitions, case boxes that guide students through landmark business law cases, and practice problems that test students' ability to apply their knowledge to realistic situations. Written by experts, Contemporary Australian Business Law is an essential introduction to the Australian legal system for business students.

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The director penalty regime under Division 269 to Schedule 1 of the Taxation Administration Act 1953 (Cth) empowers the Commissioner to take action against an insolvent company's directors to recover outstanding tax debts of a company. The director penalty regime was introduced as a substitute for the Commissioner's tax priority in a corporate insolvency and was aimed at encouraging directors to take early positive action to deal with insolvency. An analysis of Australia's director penalty regime, including the most recent reforms, reveals that the regime helps to foster a culture of good corporate governance which is fundamental to achieving successful corporate rescue post insolvency.

The Henry Tax Review considered the introduction of a bequests tax -a tax that would be levied on the accumulated wealth of people at the time of their death as a possible reform to Australia's tax system. The Henry Tax Review considers the introduction of this tax would be economically efficient, however puts it aside because of its controversial history. 1 The article reviews the advantages and disadvantages of introducing a bequest tax in Australia. It draws upon Australia's experience with Death and Gift Dutites, its current approach to taxing property, and the European experience with a Net Worth Tax.