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ATOs small business benchmarks

The ATO small business benchmark guides are designed to help small businesses compare performance with similar companies in the same industry. These guides have been updated to include data from the 2016-2017 financial year.

Within this system, there are two benchmarks businesses can use. Performance benchmarks apply to all industries and businesses. This area consists of the financial ranges so you can make comparisons and improvements to your business performance. Ranges you can look into are income tax, which is information provided by businesses on their tax returns, and activity statements which are provided using financial year activity statements. Input benchmarks only apply to tradespeople working on projects and purchasing their own materials. Within this benchmark, you can receive an expected range of income based on labour and materials used in a project. This is designed to help estimate turnover and ensure records accurately reflect income.

The small business benchmark system is also designed to aid the ATO in identifying businesses that may be avoiding tax obligations by not reporting elements of their income. The information reported by a business is compared to key elements of the benchmark for their industry, ensuring all activity is in line with the regular work practices.

Posted on 1 March '19 by , under Tax.

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Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation

An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker's super. A total of 588 million dollars will be distributed to almost 400,00 individuals.

The scheme, which covered payments from the introduction of super in 1992, gave employers the opportunity to come clean without any consequences as long as they paid the unpaid super as well as 10% interest for every year the money was overdue.

The ATO will be directing its attention at any businesses that did not admit fault and these businesses will face severe penalties.

Many individuals are looking to access their superannuation early in order to have support during these times. Although there is criticism of early access to super, this facility has been helpful to many families to keep afloat.

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