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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.

Individual sessions

Australian Taxation Office - Small business benchmarks

Author(s):  Rad Rasaratnam

This presentation covers:

  • record keeping
  • small business benchmarks:
    • developing benchmarks
    • use of the benchmarks
  • dealings with auditors
  • examples of how to calculate the benchmarks
  • case studies
  • assistance available to small business
  • key messages.
Materials from this session: