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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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There are four different categories of super funds. These have different primary features and are more applicable to certain people than they are to others.

Retail super funds

Anyone can join retail funds. They are mostly run by banks and investment companies:

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  • Financial advisors may recommend this type of fund as they receive commissions or might get paid fees for them.
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  • The companies that own these funds will aim to keep some of the profit they yield

Industry super funds

Anyone can join bigger industry funds, but smaller ones may only be open to people in certain industries i.e. health.

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Public sector super funds

Only available for government employees

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Corporate super funds

Arranged by employers for employees. Large companies may operate corporate funds under the board of trustees. Some corporate funds are operated by retail or industry funds, but availability is restricted to employees

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Self-managed super funds

Private super fund you manage yourself. Many more nuances to this type of fund. Most prominent feature is the autonomy over investment.

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