ATO cash sales benchmarks permanently withdrawn
Note: Some of you will be aware of the ATO’s benchmarking program, whereby they use information provided to them to work out what is ‘normal’ for a particular industry. They publish these benchmarks so that taxpayers can find out if they are outside the norms and, if so, get the right records together to explain why this is the case. It has been reported that the ATO has decided to discontinue its ‘cash sales’ benchmarks, as it was unable to obtain consistent data that allows for correct calculation of cash sales benchmarks.
However, the ATO said that the withdrawal of the cash sales benchmarks did not impact its performance benchmarks and input benchmarks, their use or validity, so those benchmarks can still be used.