The ATOs Role In Benchmarking: Pt. 3/8
Why does the ATO provide benchmarking reports? Lynda Logan explains why the ATO provides benchmarking reports and how they will help your business.
We speak with Lynda Logan, Managing Director at Charts Partners as she explains the ATO's role in providing benchmarking reports and how it can be utilised to help small business owners grow their business. Lynda explains that the ATO collects data from tax returns, specifically sales and expenses, using industry codes as references.
This information is used primarily for compliance purposes. If a tax return's figures differ significantly from the industry average, it raises a flag for potential assistance from the ATO in managing expenses. Benchmarking plays a crucial role in this process, allowing businesses to compare their performance with that of their competitors.
This video is part of a series to help equip small business owners with knowledge and skills to level up their business. Watch the video to learn more.
To find out more information, reach out to our team.
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