The Australian Tax Office has announced on their website recently that they are actively targeting small businesses who accept mostly cash payments. The ATO believe that these small businesses are deliberately not paying the government their cut and would prefer them to install and pay for EFTPOS and other electronic monitoring devices. The ATO openly states that if you operate a cash business you can expect ‘some contact’ from them. In our experience most small businesses do pay the government correctly and operate their businesses lawfully. They don’t accept electronic payments due to cost and convenience. Cash is still a lawful form of payment in Australia. If you are a small business operator and have been contacted by the ATO in relation to your cash business then feel free to contact us for advice.
Link to ATO article: https://www.ato.gov.au/Tax-professionals/Newsroom/Income-tax/Cash-is-no-longer-king/
