Small Business

Have you ever wondered why one entity will be audited whilst another may not?

There are various reasons surrounding this, the most common are:

1. Industry Benchmarks - the Australian Taxation Office has drafted a series of benchmarks covering multiple industries. The benchmarks outline expected turnover and associated costs of generating your income. By monitoring your business, we can ensure that you are within these benchmarks and therefore less likely to be selected for an audit.

2. Data Matching - The Australian Taxation Office gathers information from multiple bodies. By using these facilities, the tax office can monitor your lifestyle to determine whether or not you are living within your means, ensure that asset sales have been reported correctly or ensure that you are meeting your employer obligations.

Through an understanding of these audit triggers, we can monitor your business and reduce the risk and unnecessary stress of an audit.