Ensure your business is legally and legitimately reporting all income this financial year
Cash is often used legitimately to pay for goods and services.
However, it is illegal for people to use cash economy activities to hide income and avoid tax and superannuation obligations.
Cash economy activities include businesses ‘skimming’ cash takings, paying ‘cash-in-hand’ wages, operating off-the-books and not recording or reporting all sales and purchases.
Ensure your business is legally and legitimately reporting all income this financial year – as well as correctly contributing for tax and superannuation expenses.
Need some assistance to make sure you’re complying?
Get in touch with Rands Financial Services on 0434 391 331 today.
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We’re heading into our busiest time of the year, so don’t delay, contact us on 0434 391 331.