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Careful: ATO surprise visits for businesses with all cash payments

ATO to visit areas where their data matching suggests many businesses only accept cash payment. ATO found 60% of the businesses they visited so far need to take some correct actions and advised that they will conduct more visits in coming time. ATO suggested businesses to review if they:

  • canaccount for any stock they have used for private purposes
  • haveevidence to support all their income, expenses and lifestyles
  • use the small business benchmarks to calculate how their business is performing compared to similar businesses in the same industry
  • are depositing all cash payments into their business bank account — during the ATO’s visits, many businesses didn’t have a dedicated bank account, used cash boxes or held business takings in their own wallets

 

If you fall under aforementioned and need advice, please contact us on 08 9242 3555 or email admin@businessmantra.com.au

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