The end of financial year is only a few months away and as specialist SME accountants, we have begun discussing tax planning strategies with our clients.
The ATO is also getting busy, recently releasing their latest industry benchmark data. This data is extremely useful for any small business owner as it allows you to gauge the strength of your business.
The data compares the financial results of over 1.5 million small Australian businesses and lets you evaluate how your business is going compared to others in your industry.
If your business is operating below these benchmarks, we can discuss ways you could improve the performance of your business.
Not all industries are included yet but every year, the ATO increases the number of industries in its benchmark data. So far they have developed benchmarks for over 100 industries including:
- Accommodation & food
- Architectural services
- Automotive electrical services
- Building & construction trades
- Education, training, recreation & support services
- Health care & personal services
- Machinery & equipment maintenance/repair
- Transport, postal & warehousing
- Veterinary services
To see the ATO’s industry benchmarks click here. For specific advice on how your business can achieve and exceed these benchmarks, contact us to arrange an appointment.
For straight-forward, practical accounting, taxation and financial advice
contact our knowledgeable team at SVA and WPA by calling 02 8850 0388.