Compare your business to reduce the chance of an audit
The Australian Taxation Office publishes benchmarks as a guide to help you compare your small business performance against similar businesses in the same industry.
Is your business operating in line with the benchmark?
Wondering if your business is standing out for all the wrong reasons? Our team can help you compare and ensure you're operating compliantly.Get Help Today
Measure your business
This is great for measuring your business, however, benchmarks are one of the indicators that the ATO uses to identify businesses for review or audit. It does this by comparing information reported in your income tax returns or activity statements with the key benchmarks.
If a business is found to be operating outside those benchmarks, it can prompt further ATO investigations. In this case, if you believe your tax affairs are correct, you must ensure that you have good records to support your tax return.
If a business does not have evidence to support their return the ATO may use the benchmarks to determine that the business has been under-reporting income and impose additional tax and penalties.
ATO Benchmarks can be found at ato.gov.au. Please contact us on 5471 7077 If you’d like help measuring your business against the benchmarks.
Specialist business accountants on the Sunshine Coast
Looking for specialist advice on helping your business thrive? Speak to our Sunshine Coast accountants today.