According to the ATO, the purpose of data-matching is to ‘maximize voluntary compliance’ and ‘to deter, detect and address non-compliance’. In recent years, the ATO has, in particular, targeted industries in the ‘cash economy’ in its effort to ensure fairness and transparency in tax collection. The way the tax system works in Australia is basedContinue reading “ATO DATA MATCHING”
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Employee or Contractor?
As our clientele grew so did our administration duties and it does not make sense for a business owner to be spending the time doing the tedious administration tasks. So that is when you need to learn to delegate and decide to hire someone. Entrepreneurs should hire people as needed. The quality of your productsContinue reading “Employee or Contractor?”
Benchmarking In Business
What is Benchmarking? Benchmarking is the process in which organisations evaluate various aspects of their processes in relation to best practice companies’ processes, usually within a peer group defined for the purposes of comparison. Some financial benchmarking data is available from the Australian Taxation Office. The ATO’s Benchmarks are key financial ratios developed from informationContinue reading “Benchmarking In Business”
