News
ATO targeting cash-only businesses
As a push to bring in extra revenue for the government, the Australian Taxation Office (ATO) is focusing its resources on certain sectors of the economy that are seen as hotbeds of tax non-compliance.
As a push to bring in extra revenue for the government, the Australian Taxation Office (ATO) is focusing its resources on certain sectors of the economy that are seen as hotbeds of tax non-compliance.
The hair and beauty sector has been targeted for particularly close attention, as many of these are cash-only businesses and the industry has the third highest number of reports about potential tax evasion.
It is typical in cash-only businesses, that the ATO will find under-reporting of takings leading to the failure of paying the right amount of income tax and GST. On top of this, many cash-only businesses are failing to account for tax and superannuation properly on their employees’ wages.
Cash-only business will be put on the ATO’s radar, but if all takings are properly recorded, purchases are substantiated and payments to directors and staff are correctly documented and taxed, business owners should be able to deal quickly and efficiently with any questions that may come their way.
The best advice for any hair and beauty businesses in particular is to get regular help from their accountant to ensure they stay compliant with the law.
Date published 27 Mar 2018 | Last updated 28 Mar 2018
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our multiple locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.