ATO to knock on small business doors as benchmarks updated

EMMA KOEHN | March 5, 2019

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The tax office has urged small businesses to use new small business benchmarks to track their performance against competitors, warning it will be knocking on the doors of 4000 companies between now and July to chase black economy activities. The Australian Taxation Office's updated benchmarks published on Tuesday draw information from 1.5 million small business tax returns to paint a picture of the typical margins and costs of sale for smaller operators.Assistant commissioner for small business Peter Holt says the tax office will be using these updated numbers as a risk indicator when considering business returns, with businesses that report numbers well outside the norms piquing its interest."Small business benchmarks are one risk indicator and if they are operating outside the benchmarks, they might be undercutting their competitors," Holt says.

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