The Australian Taxation Office has released information regarding their annual updates to small business benchmarking, with data from the 2009 financial year.
These include the following:
- The addition of new industries to small business benchmarking – including landscape construction, motor vehicle retail, panel beating and smash repairers, lawn mowing and garden services, tattooing services and pharmacy.
- The addition of total expenses to turnover benchmark ratio – allowing businesses that don’t consistently report expenses for either cost of sales or labour, to measure their performance against others in their industry.
- Merging previously divided industries that no longer require separate benchmarks.
- Revising annual turnover ranges (ie. low, medium and high turnovers) for different industries so that businesses with similar characteristics in the 2009 data are grouped together.
It is recommended that businesses review their small business benchmarks regularly. This information is available from the Australian Taxation Office or via their website.