The ATO has released benchmarks for small business. They are a guide to help taxpayers compare their business’s performance against similar businesses in the same industry.
Based on the data from 2014 income tax returns and business activity statements, the latest benchmarks:
- are calculated from income tax returns and activity statements from over 1.3 million small businesses and are verified as being statistically valid by an independent organisation
- account for businesses with different turnover ranges (up to $15 million) across more than 100 industries
- are published as a range to recognise the variations that occur between businesses due to factors such as location and the businesses circumstances.