ATO’s crackdown on the restaurant, café and takeaway industry
– Operating a café or restaurant?
|At a glance:||
– Over the next three years, the Tax Office will review restaurant, café and takeaway businesses to crack down on the cash and hidden economy.
|You should:||– Review your business records to ensure your business is meeting ATO reporting requirements.
– Contact us if you require any clarification or advice.
- Over the next three years, the Tax Office will review restaurant, café and takeaway businesses via various methods, including:
- Looking for lifestyle and spending habits that outweigh business income;
- Comparing businesses against the small business benchmarks;
- Reviewing third party information such as bank transactions and comparing it to what businesses have reported; and
- Investigating information provided by employees and the community.
- If a mistake has been made regarding the disclosure of business income or expense, remedy actions must be taken immediately by making a voluntary disclosure or contacting a tax advisor for assistance.
- Hefty penalties may be imposed if a business is found not to comply with the Tax Office reporting requirements.
- For more information, click here.
|Remember:||– Good record keeping practices assist businesses in complying with disclosure requirements.|