INDUSTRY BENCHMARKS
The ATO has recently released new industry benchmarks for a range of industries. The tax office gathers these statistics based on all tax returns lodged for a particular industry classification.
By developing benchmarks for small business industries, it helps the ATO to identify dishonest operators who are outside the benchmarks and make the tax system fairer for all taxpayers. If your business falls outside industry benchmarks, you may be requested to provide an explanation.
To see how your business compares with the ATO bench-marks, please refer to ATO website and search ‘Small Business Benchmarks’.
If you would like additional information on industry benchmarks contact any one of our offices at Parramatta, Sydney or Penrith and speak to a qualified chartered accountant click here for contact information