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15/11/2010; Cash sales for small businesses

The ATO has recently released a new category of small business benchmarks that focus on cash sales within a business.

This is an effort to identify and deter activities in the cash economy through cash sales benchmarks. These benchmarks are based upon data matching undertaken with banks to identify credit debit card sales, as well as information provided by small businesses to the ATO on activity statements.

With these benchmarks, the ATO can determine the average proportion of cash sales a business should be making and which businesses are not reporting as much cash income as others in the same industry.

The message is clear: keep your cash sales in check to avoid being reviewed or audited.

Posted on 15 November '10 by , under General News.

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