The ATO Uses Industry Benchmarks to Target These 9 Industries for Benchmark Audits
Did you know the ATO use statistical data to target 9 Industries for special audit attention? Want to know if you are in their sights this year?
We think Benchmark Audits have the scope to cost our clients thousands of dollars in unnecessary audit costs even when they have done absolutely nothing wrong.The ATO call this statistical analysis Benchmarking and the 9 targeted industries are listed below.
Because of this we are helping our clients stay below the ATO Benchmarking radar by doing some preliminary checks on their financials before we finalise the figures.
To help our clients and those that are not yet our clients we have developed a simple analysis tool where we can enter a maximum of 5 numbers from your financial statements to get an indication whether or not you are looking down the barrel of a tax audit. Take the 5 minute test today and save yourself possible headaches in the future.
Don't get me wrong we aren't guaranteeing the ATO computer won't spit out a Benchmark Audit letter even if we do the preliminary checks. But, at the very least we will know what our chances are of being targeted so we can make some decisions about how to best manage that risk.
For more information or to take our SIMPLE AND FREE Benchmark Test give us a call on (07) 5439 1600.
1. Accommodation and food
2. Building and construction
3. Education, training, recreation and support services
4. Health care and personal services
6. Other services
7. Professional, scientific and technical services
8. Retail trade
9. Transport, postal and warehousing