The Australian Taxation Office (ATO) has released updated benchmark data. This data allows small businesses to compare their business's performance against similar businesses in the same industry. It is also used as a flag for further investigation by the ATO if the business falls too far outside of the benchmark data for the industry.
The easiest way to work out how you compare is by using the business performance check tool in the ATO app, which does the calculations for you. This can be found by following this link.
We would encourage all small businesses to get online and have a look at where your business sits in comparison with the benchmarks, and get in touch to discuss your performance. Call 9854 2277.