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31 Jul 08 Business with high volumes of cash transactions

The ATO has advised agents that, as part of its strategy to address the cash economy, it is increasing direct contact with businesses that have high volumes of cash transactions. Throughout July and August the ATO will send 37,000 letters to businesses in the retail, construction and consumer service industries. Agents may have already received letters from the ATO advising them that it has contacted one or more of their clients and it’s possible that they may receive more of these letters over the next few months.

While the ATO is not reviewing these businesses at this stage, it has identified that they may be under some financial stress – they may have outstanding lodgments or payments, or the information they have reported may be outside of normal ratios. Throughout September and October the ATO will send a further 7,000 letters. The majority will be sent to businesses it has identified as likely to present risks in connection with cash economy participation. The remainder will be sent to tax agents alerting them that they may have a number of clients in this position.

For a copy of the ATO advice, go here

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