ATO SME Benchmarking
Published on 05 Jun 2012
| Took place at Kooyong Lawn Tennis Club, Kooyong, VIC
The ATO’s continuing focus is on SME cash economy audits and uses small business benchmarks as one of a number of tools to identify businesses that may not be recording cash income. If a business does not have records to substantiate a return, benchmarks may be used as the basis of a default assessment.
This event focused on:
- the importance of keeping records for the business and some common record keeping issues encountered by the ATO
- how benchmarks are developed and used
- which records need to be properly kept
- dealing with auditors
- how benchmarks are used in amended assessments.