The Tax Office has released more than 50 new benchmarks to help small businesses meet their tax obligations.
Small businesses owners can use the new benchmarks to compare their performance against industry averages to ensure they are on the right path in regards to tax obligations, particularly in relation to tax income.
The small business benchmarks are grouped into categories based on the business industry codes, and include:
- retail trade
- accommodation and food services
- transport, postal and warehousing
- rental, hiring and real estate services
- administrative and support services
To find out more on how benchmarks can assist your business in meeting your tax obligations, visit the visit the Tax Office website.