Be aware that the ATO now has the facilities to review your business banking to compare the percentage of cash banked with that of eftpos and credit card.

In certain industries such as restaurants the ATO has started to keep statistics on how much cash is banked. The office is then able to compare cash banking statistics for businesses they select for audit purposes.

The tax office is now able to monitor your banking trends to determine what amount of cash your business is banking.

This review process wouldn’t have been available 10 years ago, but with modern computerisation and electronic banking it is another area the tax office can review and monitor your business.