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Accountants Red Hill

Salomone Accountants is a specialist accounting firm situated in Milton, providing accounting, taxation and compliance services to small and large businesses, professional individuals, property investors and share investors primarily in the suburbs Red Hill, Milton, Spring Hill and Rosalie of Brisbane.

Salomone accountants

The Milton team delivers services including preparing financial statements, tax returns and cash flow budgets that go beyond compliance to meet the tailored needs of our clients. Our services are designed to offer you strategies to build your revenue, maximise your profits and grow your personal wealth.

We provide professional accounting and tax services to individuals, businesses, retirees and self-managed super fund trustees. Most of our clients are locals from the Brisbane suburbs of Red Hill, Spring Hill, Milton and Rosalie.

Services

Our Milton office provides specialised advice in the establishment and administration of a self-managed super fund (SMSF). We are experienced in mentoring business start-ups to help fast track your business to success. Our expertise covers a range of industries, in particular, property investors, small and large businesses, professional individuals and share investors.

Our professional team of Milton based accountants are dedicated to extensive professional development to ensure you receive timely and accurate accounting and tax advice. Our services extend to business planning strategies to best meet the strategic needs for small to large sized businesses. We pride ourselves on our hands on practical approach to business, tax and financial services. As we work with you to use the right accounting software, you will find fast turnarounds on compliance based work and tax returns.

At Salomone Accountants, we aim to deliver personal service every time with our accessible Milton location, after hour appointments and ongoing communication. If you are interested in taking a more innovative approach to your accounting, tax, business and financial needs call us today on 07 3367 0999.

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News

Cash In Hand Compliance Concerns For Businesses & Individuals Alike

June 20, 2022

If your business earns a part of its income in cold, hard cash, be prepared to have the Australian Taxation Office’s eyes on you this tax time.

To protect honest, compliant Australian businesses, the Australian Taxation Office (ATO) has placed a strong emphasis on targeting the cash and hidden economy (known to be a part of the shadow economy).

For example, they may be keeping a close eye on a sole trader electrician, whose reported earnings over the financial year versus their actual spending isn’t adding up. Or perhaps you have a side hustle (such as freelancing or selling plants at the market), and earn some cash-in-hand alongside your full-time job’s income.

The ATO will be watching these businesses and individual traders that deal predominantly in cash, with a focus on those that:

When out visiting cash-only businesses, the ATO will be working in unison with local authorities and industry associations to ask questions and discuss:

If the ATO comes across a business that is doing the wrong thing or failing to meet its obligations, they have a duty to take action. This may result in the business facing an audit and possible prosecution.

Its imperative that you are fulfilling your obligations and know where you stand, particularly with;

If you do make a mistake upon completing your tax return but make a voluntary disclosure detailing your errors, the ATO will work with you to rectify this and create a solution.