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Cash economy letters from the ATO
21 September 2010
The ATO has announced that in this financial year approximately 110,000 letters will be sent out to taxpayers who may be participating in the cash economy. Most of those letters will be sent to businesses reporting outside the small business benchmarks for their industry.
The ATO will be using the following methods for selecting taxpayers to review:
- Data matching to identify discrepancies in reported income
- Businesses that report net income that appears to be lower than required to support the business operators personal living expenses
- Allegations of tax evasion received from the community, and
- Previously audited taxpayers will be monitored to encourage continued compliance.
Not sure where you stand compared to your industry? Talk to us on 02 9957 4033 or contact us via the website.
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The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
