eWombat Search

Latest Accounting News
Hot Issues
$20m boost for SME clients looking to exporting
Work-Related Expenses
ATO updates crypto guidance
ATO zones in on hundreds of newly created reserves
Senate passes $20,000 instant asset write-off extension
Victorian Vacant Property Tax
Director Penalty Notices
ATO set to pounce on undisclosed income streams
In case you missed it – The company tax Bill that did pass Parliament.
GST spotlight headed to smaller end of town
Superannuation Amnesty – Maybe! Maybe Not!
ATO drills in car-sharing focus this tax time
What is Bankruptcy?
Update of Australia's vital statistics
ATO speaks on risk factors, surveillance triggers for FY19
ATO’s corporate residency guidance cops backlash
ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
Guidance for SMSFs on transfer balance reporting
ATO issues alert on super, tax scams
Salary sacrifice integrity
Understanding the evolution of blockchain and cryptocurrencies
Update to Australia's vital statistics
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
SMSFs - Our 'hardest' jobs
Tax Office reveals adventurous, dubious claims ahead of tax time
Articles archive
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
ATO set to doorknock as 60% of cash-heavy businesses caught

As part of the government’s broader crackdown on the cash economy, the tax office has told tax agents it will soon be visiting more clients to check they are reporting their cash payments.



       


 


The ATO has already conducted nationwide ‘Protecting honest business’ visits in a bid to monitor reporting compliance with cash payments.


It’s set for a new round of visits soon, in areas where its data matching shows businesses are not accepting electronic payments.


“While we know not every business is doing the wrong thing, we found over 60 per cent of the businesses we visited so far need to take some kind of corrective action,” the ATO said in a statement released yesterday.


This follows the ATO visiting about 400 small businesses operating with a heavy focus on cash transactions last year.


The ATO’s work is part of a massive government crackdown on the black economy in Australia. In December 2016, the Turnbull government launched a taskforce dedicated to those who use cash payments to avoid tax and superannuation obligations.


 


 


By: Katarina Taurian
​30 JANUARY 2018
accountantsdaily.com.au


 




4th-February-2018
 

Stapleton Group: 83a Boronia Road Boronia VIC 3155 | Phone: (03) 9760 7800 | Fax: (03) 9760 7860