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ATO Announces Latest Benchmarks for Small Businesses
The Australian Taxation Office (ATO) recently announced the latest benchmarks for small businesses based on the 2014 income tax returns and business activity statements.
According to the ATO, the small business benchmarks are guides to help small enterprises compare their business performance against other small businesses in the same industry.
Small businesses can use the Tax Office’s Business performance check tool to see how competitive their business is compared to other enterprises in their industry.
The ATO cited an instance where a business reported how their accountant used the small business benchmarks to adjust some of their inputs and how they were pricing their products. ATO’s Assistant Commissioner, Matthew Bambrick said “These changes resulted in an overall improvement in their performance,”
The Assistant Commissioner also believes that one of the great things about the benchmarks is that they give small enterprises peace of mind. “If a small business is inside the benchmark range for their industry and the ATO hasn’t received any extra information that may cause concern, they can be confident that they probably won’t hear from us,” says Bambrick.
The latest benchmarks announced by the Tax Office cover over 1.3 million small businesses with a turnover up to $15 million across more than 100 industries.
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