$1 Million Fines and Penalties for Fraudulent Sales Tools!
Businesses and tax payers who possess and use sales suppression tools who have as little as 3 weeks to come clean before the new penalty regime comes into effect.
Laws passed last year make it illegal to use electronic sales suppression tools (ESSTs).
The ATO has advised taxpayers have until 3 April 2019 to possibly avoid committing an offence and becoming liable to an administrative penalty.
Taxpayers who produce or incorrectly keep tax records using an ESST, or knowingly assist others to do so can face penalties up to 5,000 penalty units – currently $1,050,000.
ESSTs allow income to be under-reported by: deleting transactions from electronic record-keeping systems, changing transactions to reduce the amount of a sale, misrepresenting a sales record and falsifying point of sale records.
Taxpayers who may or have used and ESST are urged to come forward voluntarily to the ATO and also to check with their POS system providers if they may have an ESST in their system
Continue reading
Test
Tax incentives SMB
Subscribe to our newsletter
Stay up to date with the latest financial news and advice for your business.
We’re here to help you take control of your finances.
Book a free consultation with Rohan to discover how Eternity Group Accountants can help you save money and take your business to the next level.
Sitemap
Join the Newsletter
Follow Eternity Group
“Liability limited by a scheme approved under Professional Standards Legislation.”
All information provided on this website (including all publications which may be viewed or downloaded) is of a general nature only and is not personal financial, investment or taxation advice. It does not take into account your particular objectives and circumstances. No person should act on the basis of this information without first obtaining and following the advice of a suitably qualified tax professional adviser. To the fullest extent permitted by law, no person involved in producing, distributing or providing the information on this website will be liable in any way for any loss or damage suffered by any person through the use of or access to this information. The information and/or taxation information may be subject to errors and may not be accurate or in line with the latest taxation legislation. Given the rapid changing nature of laws, rules and regulations, and the hazards of electronic communication, there may be delays, omissions or inaccuracies in information contained in this site. Accordingly, the information on this site is provided with the understanding that the director/s, authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. Before making any decision or taking any action, you should consult an Eternity Group Accountants professional. While we have made every attempt to ensure that the information contained in this site has been obtained from reliable sources, Eternity Group Accountants is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this site is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose.
