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Australian Tax Office to look over Werribee’s cash economy

Australian Tax Office to look over Werribee’s cash economy

CANBERRA: The cash economy will be the focus of an Australian Tax Office visit throughout Werribee. Officers will be focussing on business that have high cash transactions or only take cash, to make sure they are accurately reporting all income.

After the visit, the ATO will then assess if some businesses need help in understanding and meeting obligations. Shops that may receive a visit this month include cafes and salons. Assistant Commissioner Tom Wheeler says while most small businesses take electronic payments, it is still common to accept cash. He says a red-flag for the ATO is businesses that advertise as ‘cash-only’.