The ATO has released a feature on their app which allows businesses to benchmark themselves against others in their industry.
There are two types of benchmarks you can use depending on your business.
Performance benchmarks are financial ranges for your industry to help you work out how you compare to other businesses in your industry and if you need to make any improvements.
Input benchmarks show an expected range of income for tradespeople based on the labour and materials they use to undertake domestic projects.
Benchmarks are based on the biggest data set available, calculated from tax returns from over 1.4 million small businesses and account for businesses with different turnover ranges across more than 100 industries. They are also based on factors like location and business circumstances.
The personal information you enter isn’t recorded and will only be used for completing the tool.
If you prefer not to use the app you can also access this data to manually benchmark your business, and we are always happy to help guide you through this process. Just let us know!
You can find more information and download the app here