Small Business Benchmarks Updated By ATO

What Are Small Business Benchmarks?

Contact Epping accountants, W Wen and Co, for advice about complying with ATO small business benchmarks. Call (02) 9871 3429 - image
Contact Epping accountants, W Wen and Co, for advice about complying with ATO small business benchmarks. Call (02) 9871 3429

Small business benchmarks are financial ratios developed to help compare the performance of similar businesses in an industry. They:

  • are representative of returns and activity statements in a given industry
  • provide guidance on what figures the ATO would typically expect a business in a particular industry to report.

Why the ATO uses Small Business Benchmarks

The Australian Taxation Office uses benchmarks to identify businesses that may be avoiding their tax obligations by not reporting some or all of their income.

What industries do the ATO benchmarks cover?

Benchmarks are published for businesses in more than 100 industries that have turnovers within a number of ranges.

How to avoid problems relating to Small Business Benchmarks

Businesses should ensure they have good record-keeping practices that meet the legal requirements.

For more information about how the benchmarks work, please call our taxation advisers at W Wen & Co, Chartered Accountants, on (02) 9871 3429.

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