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Testimonials

VANCAN

“The team at Salomone Accounts have always gone above and beyond. They make everything easy to understand, in a clear and concise way. They are a proactive team and always have time to answer my questions, however basic. Yes, you heard right…an accountant that is actually easy to speak to, and takes the worry out of managing our numbers. So we can focus on what we do best.”

 

Tara-Jay Rimmer
Director -The Van that Can Pty Ltd
www.thevanthatcan.com.au

Gordon Country Enterprises

“Joe has been amazing guiding us through the process of a start up business and then helping us strategise with the most tax effective way of amalgamating with a parent company. His communication and thoroughness is always on point and his personal touches, such as coming out and doing a personal inspection of the property just go to demonstrate his professionalism, dedication and warmth towards his clients. Whether you are a start up, individual or large commercial venture, we would have no hesitation in recommending Salomone Accountants.”

 

Sarah Gordon
Director – Gordon Country Enterprises Pty Ltd
www.gordoncountry.com.au

Ascent Wealth Management

“Joe and the team at Salomone Accountants have been a great support to my advice practice.  In the nine years we have worked together, Joe’s knowledge coupled with a very efficient process has ensured we have had good outcomes in the processing and lodgement of our returns.  We have also benefited by establishing a number of business structures with Joe’s assistance.  Each time we have needed something, Joe’s assistance has been professional and the process to implement has been seamless.  I have no hesitation in recommending Joe and his team to small business and individuals alike.”

 

Steve Nielsen
Director – Ascent Wealth Management Pty Ltd
www.ascentwm.com.au

“I find Joe a thorough and practical accountant, I have used Joe for my investment accounting & business advice requirement for the past 10years. Joe is prompt, easy to communicate with and always takes the time to listen & understand any requirements. I recommend Joe for both Personal & Business accounting services.”

 

Colin Smith
General Manager – SSS Australia

“Salomone Accountants were integral in the commencement of our business, 8 years ago, and have been working with us ever since, as our business grew.  Joe and the team have always been attentive to our needs and provide a highly professional service, allowing us to focus on the growth of the business”

 

Jonathan Crooke
Director – Seventh Circle Studio Pty Ltd

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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.