Small business benchmarks: ATO

The ATO has released an expanded range of small business benchmarks. They provide small businesses with ‘a snapshot of what, on average, is happening in businesses operating in a particular industry by providing a measure of various business costs in relation to turnover’. In addition, the ATO says the benchmarks are a useful tool to assist business owners in assessing their business’s performance. Second Commissioner of Taxation, Bruce Quigley, said the benchmarks will be used by the ATO to identify businesses that may be avoiding their tax obligations.