ATO’s CRACKDOWN

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  • April 11, 2015

ATO’s crackdown on the restaurant, café and takeaway industry

Are you?

– 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.
  1. Over the next three years, the Tax Office will review restaurant, café and takeaway businesses via various methods, including:
    1. Looking for lifestyle and spending habits that outweigh business income;
    2. Comparing businesses against the small business benchmarks;
    3. Reviewing third party information such as bank transactions and comparing it to what businesses have reported; and
    4. Investigating information provided by employees and the community.
  2. 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.
  3. Hefty penalties may be imposed if a business is found not to comply with the Tax Office reporting requirements.
  4. For more information, click here.
Remember: – Good record keeping practices assist businesses in complying with disclosure requirements.

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