Taxation, Accounting, Business.

ATO Audit Targets Cash Transactions

Recent news items have reported that the ATO is to gain access to credit card and other bank account transactions to match transactions against reported business activity for 1 million plus businesses. The ATO is increasingly using sophisticated audit tools to identify unreported transactions. Time to ensure that your ledger system is up to speed and is able to correctly record all your transactions – good for defence against ATO audit activity but also most importantly a valuable source of business development information.

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