The ATO is focusing on businesses that rely heavily on cash transactions.
The ATO will be working closely with industry associations, tax practitioners and businesses to understand any issues they may have. The ATO will use up-to-date third-party data and sophisticated risk-analysis to identify who may not be doing the right thing or may need a bit more help.
Detailed information on the following topics can be found on the ATO website here >>
- ATO’s focus on cash businesses
- Find out how the ATO is protecting honest businesses
- Businesses in focus
- If you have made a mistake
- Results from past visits
The ATO has also updated their small business benchmarks with information from the 2014-15 financial year. The benchmarks are available for more than 100 industries here >.
For sole traders, the ATO has developed the myDeductions tool that may be useful to assist you with your record keeping.
If you are concerned that you may be affected by these new measures, please contact our office here > as soon as possible. Miriana is our expert at negotiating with the ATO!
