07 May Notice: Businesses who Advertise as “Cash Only”
Notice: Businesses who Advertise as “Cash Only”
Businesses that advertise as “cash only” can expect a visit from the taxation office in the upcoming financial year.
Peter Holt, the ATO’s Commissioner Assistant has stated that in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses nationwide. The taxation office will be targeting their efforts towards businesses who are not hitting the industry benchmarks or who advertise as “cash only”.
The industries in the spotlight include:
- Restaurants and cafes
- Vehicle repairers
- Personal care businesses such as hairdressers and nail salons
- Construction businesses
- Clothing stores
- Small supermarkets and grocers
The ATO is looking at levelling the playing field for those honest businesses that are doing the right thing. They will be detecting and addressing wrongful behaviour in small businesses who fail to lodge their income tax and business activity statements.
These ATO officers hitting the road will be available to assist small businesses who are trying to do the right thing. But these officers will not hesitate in taking strong enforcement action against those businesses who are deliberately avoiding their tax and super obligations.
If businesses are aware they have made mistakes, they are encouraged to work with their tax professional and the ATO.