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10 Nov 10 New ATO benchmarks focus on cash sales

In media release No 2010/37, issued 9 November 2010, the ATO announced the release of a new category of small business benchmarks which focus on cash sales within a business.

Coinciding with the fourth annual cash economy international revenue conference in Brisbane, Second Commissioner Bruce Quigley said the new benchmarks are part of a suite of benchmarks used by the ATO to identify and deter activities in the cash economy.

The benchmarks have initially been developed for fifteen industries including; restaurants and takeaways, hairdressing and beauty, clothing retailing, grocery retailing and hardware and building supplies.

"Businesses whose performance falls significantly outside one or more of these benchmarks are more likely to be selected for a review or audit. This year we are contacting around 100,000 businesses which operate in cash industries," Mr Quigley said.

 


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