Chartered Accountants

Latest News

ATO set to doorknock as 60% of cash-heavy businesses caught

As part of the government’s broader crackdown on the cash economy, the tax office has told tax agents it will soon be visiting more clients to check they are reporting their cash payments.

 

 

The ATO has already conducted nationwide ‘Protecting honest business’ visits in a bid to monitor reporting compliance with cash payments.

It’s set for a new round of visits soon, in areas where its data matching shows businesses are not accepting electronic payments.

“While we know not every business is doing the wrong thing, we found over 60 per cent of the businesses we visited so far need to take some kind of corrective action,” the ATO said in a statement released yesterday.

This follows the ATO visiting about 400 small businesses operating with a heavy focus on cash transactions last year.

The ATO’s work is part of a massive government crackdown on the black economy in Australia. In December 2016, the Turnbull government launched a taskforce dedicated to those who use cash payments to avoid tax and superannuation obligations.

 

 

By: Katarina Taurian
​30 JANUARY 2018
accountantsdaily.com.au

 

Latest Accounting News

  • FBT Reminder – Odometer Reading

    Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles.

  • ATO’s debts on hold campaign prompts new IGTO guidance

    New guidance has been released on best practice principles for debt notifications in response to the re-activation of old debts by the ATO.

  • Small business benchmarks

    The ATO has developed quite a number of benchmarks to help small businesses develop an idea of their performance compared to similar businesses in the same industry.

  • The 2025 Financial Year tax & super changes you need to know!

    The new financial year is fast approaching and so are a number of changes to superannuation contribution amounts and the individual tax rates. These changes are outlined below, as is some information on how you may be able to work with these changes when managing your tax affairs during 2024-25.