Beauty services, hairdressers, clothing retailing, hardware and building supplies retailing, coffee shops, meat retailing and butchers, florists, newsagents, fruit and vegetable retailing, pubs, taverns and bars, fuel retailing, restaurants, garden supplies retailing, takeaway food services, and grocery retailing and general stores
Using these benchmarks, the ATO can determine the average proportion of cash sales a business should be making and which businesses are not reporting as much cash income as others in the same industry. Businesses whose performance falls significantly outside one or more of these benchmarks are more likely to be selected for a review or audit.
During OBT’s contact with local business owners amidst the ATO’s first wave of their cash economy campaign in late 2010, it was brought to our attention that some businesses in our local area had received correspondence as part of the ATO’s initial postal campaign to show cause.
At OBT we have researched these cash benchmarks and have them available. Each is somewhat more comprehensive than the previously published benchmark and provides a better indication of the type of matters on which the ATO is concentrating, particularly the section headed Cash sales benchmarks.
If you have any concerns on this matter with respect to your own business, please drop in or call us on 07 3408 3444.