The Tax Office has released more than 50 new benchmarks to help small businesses meet their tax obligations. You can use the new benchmarks to compare your performance against industry averages to ensure you are on the right path with your tax obligations, particularly in relation to cash income.
The small business benchmarks are grouped into categories based on the business industry codes, and include:
- retail trade
- accommodation and food services
- transport, postal and warehousing
- rental, hiring and real estate services
- administrative and support services
- other services.
To find out more on how benchmarks can assist your business in meeting your tax obligations, visit the Tax Office website www.ato.gov.au