How Much for Cash?

Ever had a customer ask you this question or been to a shop where the sign ‘CASH ONLY” is plastered in big words on the door or counter?

Well, if you have then this is most probably an indication that tax evasion may be at play here and is a red flag for law-abiding taxpayers to get upset and ‘dob’ in the cheat!

Demanding cash from customers, paying workers ‘cash in hand’, or not declaring all sales are the most common examples of the 43,000 tip-offs received by the Australian Taxation Office (ATO) in the 2021–22 financial year. The ATO is using intelligence from tip-offs as part of its approach to dealing with the shadow economy.

ATO assistant commissioner Peter Holt reiterated the previous commentary from the ATO that cash is increasingly giving way to digital payment methods due to their convenience, and as such, businesses that operate solely in cash can actually be limiting their sales capacity.

 

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