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ATO cracking down on cash economy
Topic Started: 25 Aug 2014, 02:45 PM (440 Views)
Count du Monet
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This won't be a bout of spending dollars to get cents, will it?

Quote:
 
ATO cracking down on cash economy

Date
August 25, 2014 - 12:19PM



Nassim Khadem



“We are taking a closer look at the cafe, restaurant, catering and takeaway industry because about 40,000 businesses in the industry [nationwide] lodge late,”

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.

The Tax Office told Fairfax Media it had stepped up audits of small businesses including cafes and restaurants, carpentry and electrical services, hair, beauty and nail specialists, building trades, road freight and waste skip operators. Also in the ATO's sights are cleaners, who are almost always paid in cash for working in clients' homes.

"These 275,000 businesses potentially represent unfair competition for the honest businesses in their industries," senior assistant commissioner Michael Hardy said.

The cash economy continues to be one of the hardest issues for tax agencies worldwide. While eftpos and credit card usage is climbing, cash remains the most important payment method for low-value transactions – 70 per cent of payments under $20, and is widely used for payments around $50.

Mr Hardy said the Tax Office's data-matching system and an increase in public complaints had highlighted ­suspicious activity. Forty ATO officers – including staff who speak Cantonese, Mandarin and Thai – last month visited 168 businesses in Sydney's Haymarket area to remind them of their tax and super obligations. The area, a popular dining spot, was identified as having "pockets of businesses that look abnormal", Mr Hardy said.

"The particular initiative in Haymarket is because we also had high numbers of community referrals in relation to businesses in that area and because we also had community and industry groups expressing concern," Mr Hardy said.Businesses in other cafe and restaurant districts including Melbourne's Lygon Street area in Carlton, Northbridge in inner Perth and Fortitude ­Valley in central Brisbane may be ­subject to surveillance and – if suspicious – paid a visit, he said.

"We are taking a closer look at the cafe, restaurant, catering and takeaway industry because about 40,000 businesses in the industry [nationwide] lodge late," Mr Hardy said.

Read more: http://www.smh.com.au/business/the-economy/ato-cracking-down-on-cash-economy-20140825-1082c9.html#ixzz3BN7Jfidn
Edited by Count du Monet, 25 Aug 2014, 02:46 PM.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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