Small Business Benchmarks
The Tax Office has released a range of benchmarks, known as the small business benchmarks, to assist business owners in assessing their business performance.
Two types of benchmarks for small businesses have been developed by the Tax Office:
- performance benchmarks, which are based on information small businesses report on income tax returns and business activity statements; and
- input benchmarks, which are based on information industry participants and trade associations provide to the Tax Office.
The benchmarks are grouped into categories based on the business industry codes. These categories include:
- manufacturing;
- construction;
- retail trade;
- accommodation and food services;
- transport, postal and warehousing;
- rental, hiring and real estate services;
- administrative and support services; and
- personal services.
The Tax Office says that where businesses do not report within the ranges of the benchmarks, it may be an indication a business is not recording and paying tax on all of their transactions.
