ATO Focusing On Cash Businesses, June 2017 - 7 June 2017
The ATO is focusing on businesses that rely heavily on cash transactions.
The ATO will be working closely with industry associations, tax practitioners and businesses to understand any issues they may have. The ATO will use up-to-date third-party data and sophisticated risk-analysis to identify who may not be doing the right thing or may need a bit more help.
The ATO will be focussing on businesses that:
- operate and advertise as ‘cash only’
- are part of an industry where cash payments are common
- have unrealistic income relative to the assets and lifestyle of the business owner
- fail to register for GST or lodge BAS or tax returns
- fail to meet superannuation or PAYG withholding obligations
- operate outside benchmarks for their industry
- are reported to them by the community
In the past, the ATO has examined:
- hair & beauty salons
- restaurants, cafes, takeaway and catering businesses
- building & construction industry businesses
If you think you may have made a mistake or left something out, it’s better to tell the ATO before they review or audit you, as reduced penalties may be applied where a voluntary disclosure is made.
If you think you may need to make a voluntary disclosure or are not sure whether you have reported your income and deductions correctly, please contact us for assistance.
7 June 2017
Disclaimer: The information on this page is for general information purposes only and is not specific to any particular person or situation. There are many factors that may affect your particular circumstances. We advise that you contact Mathews Tax Lawyers before making any decisions.