December 18, 2012 by stirling
The ATO will focus on:
i. Cash transactions and more particularly the Plastering and Cafe industries which are heavily involved in the cash economy.
ii. They will crack down on sham entities which have been used by taxpayers to avoid their taxation obligations including GST.
Where the ATO discovers unreported cash which exceed $87,500 those involved will be considered for referral for prosecution depending upon the circumstances of each case.
We are trained in assessing your business to see where you fall in relation to the ATO benchmarks. The ATO uses benchmarks to determine suspected unreported cash in businesses.