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Thread: Do "Cashies" hurt your business?

  1. #16
    member Christine Wharton's Avatar
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    Oct 2007
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    Townsville (North Queensland)
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    Default Re: Do "Cashies" hurt your business?

    Quote Originally Posted by edbeek View Post
    The ATO has announced that they will target the cash economy this year.
    So they see our tax returns show a good % of cash income, and they will run us law abiding citizens through the mill and probably ping a few over a technicality or a simple mistake.

    Meanwhile, the weekend warriors put their tax return in showing their regular wages(or welfare) income & tax paid, minimal deductions and no mention of any extra income and they don't rate a second glance from the ATO.
    I don't know about "khama" but everyone will get their just rewards in the long run...
    The sinister side of me hopes the cash cowboys hogtie themselves so the ATO can catch them and the weekend warriors lose their battle with running a pseudo-business and let us legit ones get on with it...
    Ciao for now ~ Christine
    senior partner ~ Townsville Lawn Care
    http://townsvillelawncare.webs.com

  2. #17
    Member Jippo's Avatar
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    Nov 2008
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    Default Re: Do "Cashies" hurt your business?

    2 sets of books simple as that .

    There is a fine line of what the big boys have , you got to remember if you declare everything then you better off buying equipment nonstop to make use of the tax yyou are going to get charged with .

    If you dont declare then there is no reason to keep buying since you arent paying no taxes.

    At the end of the day it just depeneds how big your business is, you do get to a point where you just dont do small jobs anymore. But anyone who says nah l dont do cashies is a complete liar.

  3. #18
    Member VJinTownsville's Avatar
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    Default Re: Do "Cashies" hurt your business?

    The reason why I asked is that some new would be lawnies are always thinking "yes cashies are great"

    I am hoping they would read this and make the right decision when they start and gear their business towards getting things done right from the get go.

  4. #19
    Member brettly's Avatar
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    Apr 2010
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    Leumeah NSW
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    Default Re: Do "Cashies" hurt your business?

    First Yr and yes alot of my customers (18 or so) are cashies, but in the meantime i am buying alot of equipment (when i can), i guess when the earnings exceed more than 600-700/wk consistently and ur not claiming back as much it would be a prob.
    Cheers.
    MIGHTY MOW Lawn & Garden Services
    Brett Youlten
    Mob: 0415 112 163
    Web: www.mightymow.com.au

    Email: info@mightymow.com.au
    Proudly Australian Owned

  5. #20
    Member of forum greenclawz's Avatar
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    Apr 2011
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    Default Re: Do "Cashies" hurt your business?

    problem with cashies is if you want to go to the bank to borrow cash for a house or machinery you will have a hard time as your income is screwed down, I just stick to the books, but beware ato scopes these sights and it looks like they wont have to do much hardwork to skin a few grasscutters, If I were you I would be careful what you say and where..
    Take care
    www.cpricelandscapes.com

  6. #21
    Senior Member kakegc's Avatar
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    Adelaide
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    Default Re: Do "Cashies" hurt your business?

    Declare it all & sleep well at night

  7. #22
    Junior Member
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    Apr 2011
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    Rokewood,Victoria
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    Default Re: Do "Cashies" hurt your business?

    Thats good advice ,kakegc,last thing you need is the tax boys coming after you.

  8. #23
    Reflections's Avatar
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    Feb 2011
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    Rasmussen Qld
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    Exclamation Re: Do "Cashies" hurt your business?

    Yes! The idea may be appealing, but if your business grows to a point where you need new/more/better gear that you can declare as assets and write off depreciation - you either need to have a very big bank balance or borrow. If you income is not declared - no one in thier right mind will lend you money!

    PS - don't forget the "friend" who can get nasty and dob you in to the tax office or centrelink!

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