The ATO have released their latest small business benchmarks. So how do your numbers stack up to what the ATO think is reasonable? With benchmarks for over 100 industries, the ATO aim to provide small business with a guide to enable you to compare your own results against businesses in your industry.
The figures and ratios just released are for the 2013/2014 financial year. Real life Australian business’ (just like yours) financial information from activity statements and income tax returns are used to determine the benchmark results every year.
They aim to give you, as small business owners, a guide to how your business is preforming as well as give the ATO a base to protect honest business and help identify those who may not be meeting their tax obligations.
It’s important to know if your industry does have benchmarks and if so, whether your business is under or over them so that you can take the best course of action.
Want to know how the benchmarks affect your business? Get in touch with us to find out more