Please note: The ATO will be conducting more frequent audits in the Food and Hospitality industry in the next three years to deal with cash and hidden economies. Please contact Think Accountants for further information. Read more
Melbourne is renowned for its restaurant and bar culture, cited around the world as a city full of richly diverse, creative, innovative and high quality cuisine and service. Needless to say, the hospitality industry in Australia more broadly is thriving.
For a business owner in this industry, this can mean that there are great opportunities for success, and at the same time, high levels of competition.
Liquor licensing laws, penalty rate structures, allowances, reimbursements and other applicable tax guidelines are very specific to this industry. Casual staffing, often with a high turnover, and cash trading can be prominent and can provide added complexities to the business.
It is therefore crucial that the owner of a restaurant, bar or other hospitality service is well aware of its specific taxation laws and guidelines. It is important to be well informed about these and have accounting support that provides not only an in depth understanding of these laws, but can provide ongoing advice and consultation to ensure that as a hospitality business owner, you are fulfilling your absolute potential in this exciting, diverse and competitive industry. A competitive and successful business in the hospitality sector should be aware of its industry benchmarks and should strive to operate within these.
At Think Accountants, we have an in depth understanding of this industry and its needs – not only for Victoria but also the rest of Australia. We understand the specific needs of hospitality businesses, management and staffing, and can provide outstanding support. We have the tools and training to ensure that all income is accounted for and that our clients fall within the margins of their industry benchmarks. This is particularly important in the current climate in Victoria, as the Australian Taxation Office will be increasing the number of audits it conducts in the food and hospitality industries, to measure and regulate cash and hidden economies.
If you’re looking to start a new business in the hospitality industry, we can provide you with important and supportive start up information. Contact us today.