June 18, 2017
The Australian Tax Office announces its plan to protect honest businesses from tax evaders, especially focused on those advertised as “cash-only”.
Focus of the investigation is on those businesses who:
- operate and advertise as ‘cash-only’
- are part of an industry where cash payments are common
- indicate unrealistic income relative to the assets and lifestyle of the business and owner
- fail to register for GST or lodge activity statements or tax returns
- under-report transactions and income according to third-party data
- fail to pay employment duties
- operate outside the normal small business benchmarks for their industry
- were reported by the community as potential tax evasion.
This effort can support with evidence found that anti sales suppression system is necessary to be put in place in the near future.
