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Archives: November 2010

  
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Unsure about your businesses current financial performance?

Small business benchmarking can help businesses to:

* Meet tax obligations
* Enable them to compare performance against similar businesses in industry
* Identify record keeping deficiencies
* Assess whether business is likely to be selected for an Australian Taxation Office review or audit

The Australian Taxation Office use small business benchmarking to identify entities that may be avoiding current tax obligations by not reporting income.

Businesses operating outside their industry benchmarks will be reviewed by the Australian Taxation Office for an immediate audit.

Heavy penalties apply to businesses that are audited and found to be negligent in their reporting processes in regards to their specific industry benchmarks.

Call our office today for advice regarding correct reporting procedures to ensure your business is operating within the industry specific benchmarks and avoid potential audit activity.

 

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Posted by Ben Merrett on: Tue Nov 30th at 06:28:38 PM