The Tax Office is working with trade associations to develop industry benchmarks to help businesses comply with their tax obligations.
The benchmarks indicate an expected range of income for businesses working directly with household consumers.
Businesses can use the benchmarks to:
• compare their performance to the rest of the industry, and
• check that their tax records accurately reflect their business practices.
The benchmarks have been developed in consultation with the relevant trade associations and through consultation with tax practitioners and peak industry bodies.
Benchmarks are available for:
Other Small Business Benchmarks
Benchmarks provide a snapshot of how businesses in an industry are performing, on average, by providing a measure of various business costs in relation to turnover.
Personal Living Expenses Guide
In addition to the use of small business benchmarking, the ATO are targeting the cash economy with the extensive use of information and data matching and computer-assisted risk profiling including the development of a new ‘personal living expenses guide’. This guide is quite extensive and indicative of the importance the ATO place on examining taxpayers household ependiture when seeking to identify omitted cash income.