Benchmark MINDER 2016
Unless you warn clients about the dangers of failing a benchmarking audit, you might find yourself in the firing line.
One case saw a florist hit with $55,000 in penalties by an ATO benchmarking audit!
Now “with just the click of a button” you can check to see if a client falls outside the benchmarks for their industry.
If they do fail – MINDER automatically generates a letter from you to your client, on possible audit adjustments and warns them about the penalties, protecting both you and your client.
MINDER has been developed to compare figures in tax returns against industry benchmarks, so you can tell clients immediately whether they “PASS" or “FAIL”. Basically:
- it automatically calculates whether a client’s performance is within the industry benchmarks;
- if the client “FAILS”, it calculates estimated audit adjustments;
- it pre-populates precedent letters that can be handed or forwarded to clients advising them of possible audit adjustments and the penalties that might apply; and
- it produces a report (as part of the client letter) explaining how the audit adjustments were calculated.
At $395 per year, the new MINDER software* is an indispensable tool to help you protect both your client and your practice.
(*): This software is licensed to 3 users and expires 30 June 2017.
How does it work?
|Simply enter your client's details.|
|Depending on your client's industry, you enter the details/figures from certain labels of your client's business return.|
MINDER automatically calculates whether a client's performance is within the industry benchmark.
If not, it calculates audit adjustments, pre-populates precedent letters to be sent/handed to your client and produces an audit adjustment report explaining how the calculations were made.