ATO TARGETS HIDDEN CASH ON THE GOLD COAST

Written on the 6 April 2016 by Nick Nichols

ATO TARGETS HIDDEN CASH ON THE GOLD COAST

GOLD Coast restaurant operators have been put on notice by the Australian Taxation Office that they could get a knock on the door from its agents as part of a national program that has already targeted Sydney, Melbourne and Adelaide.

The ATO says it will be visiting about 250 restaurants, cafés and take-away shops, as well as hair salons and nail bars on the Gold Coast.

While assistant commissioner Matthew Bambrick credits the program with protecting 'honest businesses from unfair competition', its field agents are effectively making a ground assault on the hidden cash economy.

"Honest businesses can face unfair tax competition when competitors don't lodge, don't report all of their income, pay cash wages without properly accounting for them or don't contribute super for their staff," says Bmbrick.

"In all, we'll be visiting around 250 businesses in the Gold Coast to talk about a range of topics, including business registration, record-keeping, superannuation and lodgement.

"So far we have met with over 650 businesses in local community activities in Sydney, Melbourne and Adelaide.

"The feedback we've gotten about the visits has been positive and in many cases we've been able to help businesses get back on track in meeting their tax and super obligations."

Bambrick concedes the ATO has encountered issues among those businesses already visited.

"Where taxpayers are unwilling to work with us or continue to cause us concern, we will undertake further investigation," he says.

"In Sydney and Melbourne, for example, we have now moved to auditing businesses that didn't want to work with us."

The ATO relies on its own data-matching systems as well as public complaints to investigate suspicious activity.

The latest campaign is part of an annual strategy by the ATO to connect directly with business owners through random investigations.

 


Author: Nick Nichols

Latest News

WOOLWORTHS CLAIMS LEGAL VICTORY IN STOUSH WITH LOWE'S

SUPERMARKET giant Woolworths (ASX: WOW) has been given the go-ahead to sell its Masters property assets after winn...

DOMINO'S PIZZA EMPLOYEES OFFERED A SLICE OF THE PIE

DOMINO'S Pizza (ASX: DMP) has launched an employee share acquisition plan which will give its 26,000 staff the...

PRICELINE STORE ROLLOUT BOOSTS API'S FULL YEAR PROFIT FORECAST

Australian Pharmaceutical Industries (ASX: API) has booked a rise in half year net profit of $29.1 million on the bac...

CITY DWELLERS SETTING EYES ON REDCLIFFE AS PROPERTY SEACHANGE BECKONS

IT MAY be cool by the sea at Redcliffe, however strong sales at Kyko Group's Mon Komo development prove that t...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter