Archive for the 'Business Advice' Category
The Australian Tax Office recently announced that they will be keeping close tabs on the performance of small businesses and subcontractors. The ATO has released more than 70 industry benchmarks for a wide range of business activities.
The benchmarks look at small business performance (sales, turnover and profit) and the value of costs and inputs (materials, wages, tools etc) and produce a series of guidelines and formulas that help small business owners – and the tax office – measure their actual performance against the benchmarks.
The purpose of benchmarks
- compare a business with others in the industry to assess performance
- check that tax obligations are being met, in particular the recording of all cash transactions
- work out if a business needs to adjust its record-keeping practices, and
- assess whether the Tax Office is likely to select a business for an audit or review.
- identify businesses that may be avoiding their tax obligations.
The most recent MYOB Business Monitor found that some business owners have difficulty with marketing to attract new customers, access to affordable and reliable business advice and getting finance to grow their business.
The MYOB business survey found that getting affordable and reliable business advice was a difficulty for more than one in four Australian small businesses.
Newly established and businesses with fewer than 20 employees had the most difficulty.
