2017/04 - Are you on the ATO's radar in its fight against the cash economy ?

Restaurants, Cafes, Hair & Beauty Salons
400 Estimated to get a Tax Office visit this Month with Perth and Canberra next
Are you in a High "risk" Industry ?
Getting Your Hard Earned Money Into Your Cash Draw Where it Belongs

$100.00 Notes

"Cafes, restaurants, hair and beauty salons on the ATO's radar as it steps up cash economy fight"

"An estimated 400 restaurants, cafes and hair and beauty salons will get a visit from the Tax Office this month, as part of the agency's continued focus on the illegal cash economy.

The ATO has in recent years stepped up audits of small businesses in high-risk industries, which it suspects may be taking illegal cash-in-hand payments."

Read the full story from SMH

$50 Notes - Cash in Hand Payments

The ATO is currently targeting industries that have a large capacity for cash-in-hand transactions.

Their concern is that business are not declaring all sales / payments made.

As the business owner, I would be concerned about the possibility for staff to not record sales and for the money to not end up in your cash draw.

There are some simple but effective things you can do do make sure your hard earned money ends up in your pocket.

  • Always issue a receipt / Tax Invoice
  • Password protect the No Sale Button
  • Do not allow a new sale to be started unless the cash draw is closed
  • Print <deleted> items to the kitchen
  • Password protect the <delete item> button once the item has been <confirmed>
  • Learn to read your Security Log or Exception Report
  • Install Cash-Cam or other monitoring hardware / software
  • Use mystery shoppers to ensure staff compliance

Mystery Shopper

Experience has shown me that mystery shoppers work well when turned into a competition between staff.

Create a score card that ensures your key requirements are met.

Make sure you include the asking of open ended questions, offering of up-sells and add-ons, as well as being given a receipt.

Greeting customers not only makes them feel good, it also lets them know they have been noticed. Saying goodbye or thank you, even if they bought nothing, lets your customer know they have been acknowledged. This has the added benefit of reducing theft !

Give a bonus to any staff member who scores 100%

The cost of this bonus, correctly recorded for the tax man, will be easily recouped with increased sales dollars that end up in your cash draw - where they belong !


Not Sure how your Business Stacks Up ?

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