The “ATO” are targeting “cash” type businesses, are you one of them?
The ATO is targeting “cash” type businesses for example if you own a Cafe, Restaurant, Hairdressers or Beauty Salons. Two of my own clients are now being audited by the ATO. So this is why I assist businesses with their books and make sure they are up to date before the ATO come knocking.
This excerpt was taken from the Sydney Morning Herald https://www.smh.com.au/business/the-economy/ato-cracking-down-on-cash-economy-20140825-1082c9.html “The Tax Office is cracking down on the black economy, targeting businesses that are not declaring cash revenues, from restaurants through to home cleaners, in a bid to bring billions of dollars back into the tax net.” “Business owners do not understand the risks of handling cash, including robbery, fraud and . . . the fact that until you cash the money at the bank it has no value.” Mr Hardy said “there’s nothing wrong in operating in cash . . . as long as it declares the income.”
That’s right, as a small business owner, there are no problems when it comes to operating in cash, but as long as you declare the income and that’s where some business owners get stuck!!
So if you know you are behind in your books, let me assist you today.
Maree Punzet
Maree’s Mobile Bookkeeping
M: 0429 363 047
E: maree.punzet@live.com.au
W: www.mareesmobilebookkeeping.com.au
