Benchmarking

The Australian Tax Office (ATO) has new improved data matching and benchmarking methods that are now being used to target small businesses participating in the cash economy. These benchmarks will identify businesses that may be avoiding their tax obligations by not reporting their income at a reasonable level.

The businesses that fall outside the benchmarks may be targeted for auditing.

To prevent the risk of being audited, Insight Accounting want to ensure that all our clients are aware of their particular industry benchmarks. You can visit the ATO website (http://www.ato.gov.au/businesses/content.aspx?menuid=0&doc=/content/00214689.htm&page=1&H1) or contact us for more information.