The ATO has announced that it is intending to visit businesses around Australia that appear to be trading as, or advertise as, cash-only operations. It says that such businesses are obvious inclusions in its focus on the cash economy. The ATO is focusing on your cash-only clients
“Some may be your clients,” the ATO says. “While most businesses do the right thing, some get an advantage by not declaring all their income and taking cash only makes this easier to do.”
You are invited The ATO has therefore extended an invitation to practitioners and their clients to attend locally-held information sessions. It says these sessions will include:
how it is identifying cash-only businesseshow the cash economy affects all business and all Australianshow investing in point-of-sale technology and electronic record keeping will help with accuracy and save practitioners time when looking after their client lodgmentsthe common mistakes businesses make.
The ATO says that there will also be time set aside for questions and answers.
Save the date Its first information session will be in the Cabramatta area, Western Sydney.
Date: Wednesday 7 JuneTime: 10.00am to 11.00amVenue: Cabra-Vale Diggers Club, 1 Bartley Street, Canley Vale, NSW 2166
For further sessions, to be held at venues around the country, the ATO says practitioners should keep an eye on the “Upcoming events” section of the Tax professionals newsletter.
The podcast The black economy was the subject of a recent Tax Wrap podcast.
The ATO has announced that it is intending to visit businesses around Australia that appear to be trading as, or advertise as, cash-only operations. It says that such businesses are obvious inclusions in its focus on the cash economy. The ATO is focusing on your cash-only clients
“Some may be your clients,” the ATO says. “While most businesses do the right thing, some get an advantage by not declaring all their income and taking cash only makes this easier to do.”
The ATO has announced that it is intending to visit businesses around Australia that appear to be trading as, or advertise as, cash-only operations. It says that such businesses are obvious inclusions in its focus on the cash economy. The ATO is focusing on your cash-only clients
“Some may be your clients,” the ATO says. “While most businesses do the right thing, some get an advantage by not declaring all their income and taking cash only makes this easier to do.”
#[ATO], [black economy], [cash economy], [cash payemnts], [tax wrap]
Comments