Latest News

Types of small business benchmarks

There are different types of small business benchmarks that help compare your business' performance.

.

Performance benchmarks

Performance benchmarks are financial ranges for your industry. They help you work out how you compare to other businesses and decide if you need to make any changes. Performance benchmarks apply to 100 industries and input benchmarks apply to domestic trade work.

Performance benchmarks include:

  • tax return benchmark ranges – from information provided by businesses on their tax returns
  • activity statement benchmark ranges – from information provided by businesses using complete financial year activity statement data. These benchmarks have not been produced since 1 July 2017 with the introduction of Simpler BAS.

Tax return benchmark ranges include:

  • cost of sales to turnover (excluding labour)
  • total expenses to turnover
  • labour to turnover
  • rent to turnover
  • motor vehicle expenses to turnover.

Activity statement benchmark ranges (before 1 July 2017) included:

  • non-capital purchases to total sales
  • GST-free sales to total sales.

Key benchmark range

Use the key benchmark range when you compare your business's performance to others in your industry.

We use this range to protect honest businesses. We may also use it to determine how much tax a business should have paid when there are insufficient or no records available. This is the most accurate when predicting business turnover.

Search for your industry key benchmark range by:

  • alphabetical order – Benchmarks A-Z
  • industry grouping – Benchmarks by industry

If your industry isn’t represented in our small business benchmarks, use the industry benchmarks information in taxation statistics.

Input benchmarks

Input benchmarks show an expected range of income for tradespeople based on the labour and materials they use to undertake domestic projects.

We developed them using information from industry participants and trade associations.

Input benchmarks help you to:

  • find your industry's benchmark range
  • estimate your turnover based on labour and materials used
  • ensure your records accurately reflect your income.

 

 

 

ATO
ato.gov.au

Hot Issues

Article archive

Accounting & Taxation

We provide you with the most appropriate advice tailored to your business.

Our Accounting & Taxation Services include and are not limited to:

  • Personal taxation returns
  • Business taxation returns
  • Late, problem and multiple year taxation returns
  • Taxation planning
  • Business accounting and bookkeeping
  • Business consultancy including establishment of company and trust structures
  • ASIC requirements
  • Payroll management
Contact Us

Late & Problem Returns

This is when people or businesses are late with their BAS statements, Tax Returns and have been accruing debts such as fines and interest to the ATO as they have ignored the ATO.

I have been extremely successful in reducing tax debts in these instances. Two examples:

One client came to us owing $220,000 and 3 years behind. I brought all their BAS and tax return up-to-date and obtained a reduction of $160,000 in penalties and interest. We then entered them into a repayment program for the $60,000 which they have just finished paying off.

Another client had 18 months BAS outstanding and two years of tax returns. He had a tax debt of $62,000 with penalties. I was able to get a reduction of $37,000 in fines and penalties leaving him with a debt of $25,000 of which he still owes $5,000.

Both clients are very happy with these outcomes. Also, after I obtained the reductions and kept them up-to-date with their BAS and Tax Returns they have not only kept up repayments but have managed to ensure that all current BAS and payments have been kept up to date as well.

If you find yourself in a similar position then we are most likely able to help.

Contact Us

Personal Tax Returns

Protecting and enhancing your wealth requires professional and comprehensive management of your personal tax position as well as any business and other entities you have.

A good personal tax strategy goes a long way to maximising the return you get from owning a private business, or earning a good salary, or being a high net worth individual. Even after a few years work you may be starting to think about safeguarding your family’s future or simply seeking a new perspective and fresh advice.

Regardless of your stage in life we offer a comprehensive approach to planning that will help you take control of your future.

We can help you to:

  • Look to ensure you obtain the maximum return from your employment.
  • Plan effectively for your retirement and optimise the use of superannuation.
  • Develop a succession plan for the transition of your business or personal structures to the next generation.
  • Resolve queries or disputes with the Australian Taxation Office.
  • Prepare an effective estate plan that ensures the right assets end up in the right hands at the right time.

By will work with you to understand your life objectives and then develop a plan that is will help get you there. Contact us for further discussion or information.

Contact Us

Business Advice

I like a lot of Accountants use management information to track how a business is going. I also have actually managed a number of different types of businesses and taken them from losses to profit so I am able to advise clients on how to run their businesses including staff, computer programs, marketing of their product etc.

Contact Us

Tax Diary

General Calculators

 

Accounting Videos

Secure File Transfer

Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.

Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.

Login to Secure File Transfer, or contact us if you require a username and password.

Online Booking

Privacy Policy

In order to comply with the requirements of the Privacy Act, we are required to advise you that this firm holds personal information about you. The information has been and will continue to be collected by us for the purpose of providing you with financial services including:

We are required, pursuant to the Corporations Act, certain regulations issued by the Australian Securities and Investments Commission and the Rules of Professional Conduct of the Financial Planning Association, of which this organisation is a principal member, to collect information about you for the purpose of providing you with the services referred to above.

If you do not provide us with the information requested by us we may not be able to provide you with the services required.

We will from time to time disclose information about you to authorised representatives of this firm and to other professionals, insurance providers, superannuation trustees and product issuers in connection with the purposes detailed above. In the event we consider it necessary to use or disclose information about you for purposes other than those detailed above, or related purposes, we will seek your consent.

You are entitled to obtain access to the information which we hold about you by contacting the firm's Professional Standards Manager.