Management Accounting (Case Study 6)
A business client in the takeaway food industry had received correspondence from the ATO in relation to “small business bench marks”. According to the information lodged with the taxation office the client business was outside the benchmarks for this type of business.
Axis accounting was engaged by the client to review the information prepared by the previous accountants to verify if this was the case. In review by the firm it was discovered that previous external accountants had classified the business under the wrong industry category and had allocated the business expenses inaccurately.
The firm was able to notify the taxation office of these misallocation s and successfully resolve the review of the business without any action been taken by the taxation office.
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