ATO BENCHMARKS HELP SMALL BUSINESSES ‘SWIM BETWEEN THE FLAGS’

The Australian Taxation Office (ATO) has released updated benchmark data to help small businesses across the country compare their performance with their competitors and ‘swim between the flags’.

Assistant Commissioner Peter Holt said that businesses should use the benchmarks to gauge the strength of their business and keep an eye on their competition. ‘We want small businesses to stay afloat, so our benchmarks are a great way to ensure your business is viable, competitive and not at risk of venturing into rough water.’

The benchmarks also help the ATO identify small businesses that may be doing the wrong thing and not properly reporting some or all of their income.

‘Think of the benchmarks like the red and yellow flags on the beach. If you stay between the flags, you’ll be less likely to attract our attention,’ Mr Holt said.

Updated benchmark data for more than 100 industries is now available for the following categories: The quickest and 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. The ATO app is available to download for free from Google Play and Apple app stores.

To view the small business benchmarks, download the ATO app or go to ato.gov.au/BusinessBenchmarks