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Tuesday 27 January 2015

ATO’s crackdown on the restaurant, café and takeaway industry

Over the next three years, the Tax Office will review restaurant, café and takeaway businesses via various methods, including:
  • Looking for lifestyle and spending habits that outweigh business income;
  • Comparing businesses against the small business benchmarks;
  • Reviewing third party information such as bank transactions and comparing it to what businesses have reported; and
  • Investigating information provided by employees and the community

If a mistake has been made regarding the disclosure of business income or expense, remedy actions must be taken immediately by making a voluntary disclosure or contacting a tax advisor for assistance.

Hefty penalties may be imposed if a business is found not to comply with the Tax Office reporting requirements.

For more information, click here.

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