$1 Million Fines and Penalties for Fraudulent Sales Tools!

$1 Million Fines and Penalties for Fraudulent Sales Tools!

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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

rohan

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