ATO coming to South Coast
October 2, 2019The ATO plans to visit almost 10,000 businesses across Australia this financial year including on the South Coast as part of their strategy to deal with the black economy. Last financial year the ATO visited nearly 9000 businesses.
Assistant Commissioner Peter Holt says a number of businesses in some areas are not registered for GST or PAYG withholding, which can be a sign of the black economy. Also, a number of businesses have overdue tax returns.
Other black economy signs the ATO looks out for are lifestyle and assets far exceeding reported business income, sham contracting, a failure to provide pay slips, reports that employers are paying their workers cash in hand and keeping them off the books, or a lack of merchant payment facilities like EFTPOS.
Businesses that are more likely than others to get a visit from the ATO include:
- Residential building construction
- Building completion and installation services
- Other construction services
- Building cleaning, pest control and gardening services
- Accommodation
- Pharmaceutical and other store-based retailing
- Automotive repair and maintenance
- Cafes, restaurants, and takeaway food services
- Personal care services
- Legal and accounting services
- Computer system design and related services
- Adult, community and other education services
The ATO will be on the South Coast in mid November for two weeks and will provide further details via social media and newspapers which we will share via our Facebook page.