Increased scrutiny for cash businesses
The ATO has recently stated that they will be undertaking increased scrutiny for businesses that are “cash only”.
This scrutiny may include unannounced visits from field officers.
The best course of action to stay clear of the ATO is to stay within the acceptable small business benchmarks.
If a business is found to be operating outside those benchmarks, it can prompt further ATO investigations. In this case, you must ensure that you have good records to support your tax return.
If you find that you have made a mistake in your tax affairs and not stated something, contact us. In this way we can promptly attend to correcting these errors on your tax return or activity statement.
If you have any questions in relation to the ATO business benchmarking, please get in touch on 02-9715 2977
Oracle Accounting Group