April 2019
ATO Crack Down on 'Cash Only' Small Businesses
The ATO has announced their intention to visit a further 10,000 small businesses across the country during the 2019/20 financial year, particularly those small businesses that advertise as 'cash only' and businesses that operate outside of ATO performance benchmarks. Industries under the microscope 'cash only' crack down include:
- Restaurants and cafes;
- Vehicle repairers;
- Hairdressers and nail salons;
- Pharmacies;
- Construction businesses;
- Clothing stores;
- Grocery stores / small supermarkets; and
- Butchers.
If your business is unsure about this particular issue, or if you want some peace of mind in the event of an ATO audit of your small business, please do not hesitate to contact us.
Also in this month's update:
- ATO has eyes on common errors with new GST withholding rules ;
- Latest ATO benchmarks for industries released;
- ATO warning regarding annual leave loading and OTE;
- Taxpayer living in serviced apartments overseas not a residen t; and
- Mostly vacant property still an 'active' asset for small business CGT purposes .
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