ATO withdraws cash sales benchmarks

The ATO’s cash sales benchmarks, for the 2009 year, released in November 2010 have been withdrawn from use. The cash sales benchmarks, covering fifteen industries, are a part of the Austrlaian tax Office’s comprehensive suite of small business benchmarks across 107 industries that they use to identify and deter activities in the cash economy. The…

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Service trusts – a guide to their safe use.

Many business people use a service trust to supply the use of equipment, staff, premises and administration services to their main business entity. The ATO has been stated concerns about them for decades but has only become active in the last few years. Law Central have put together a useful guide on how to avoid…

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2010-11 ATO audit focus – Individuals

Over the last few years the ATO has found that sending letters to targeted occupations substantially reduces the claims made by that group. In June 2009 they wrote to over 178,000 taxpayers in seven occupations including: concreters; construction and plumbers assistants; electricians; sales and marketing managers; sales representatives; university lecturers and tutors; and truck drivers advising them…

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