offpseo

In simple terminology Cash and Hidden Economy means that you accept/pay cash for selling/buying product or services and do not declare that income/expense on your tax return. Do you run a pizza shop, café, grocery store, restaurant or any other business in which you accept cash at point of sales? Do you report all sales on your business tax return? Do you pay expenses such as salaries and wages on cash basis and not declare on your business tax return? Businesses who deliberately conceal income to evade tax or superannuation are part of cash and hidden economy in terms of ATO. Businesses mainly do this by not reporting all their income and expense transactions.   How does it affect a customer? Customers paying cash for a product or service and not obtaining a receipt, risk having no evidence: In the event of a claim for a refund if the goods or services purchased are faulty To prove who was responsible in cases of poor wo...