Panel beating and smash repairs - issued 2011

Definitions

Cost of sales
Cost of anything produced, manufactured, acquired or purchased for either:

• manufacture
• sale or exchange in deriving the gross proceeds
• earnings of the business.

For the purposes of calculating the benchmark, cost of sales excludes labour.

Labour
Salary or wage payments, including contractor payments (amounts exclude GST). Labour does not include payments to associated parties - for example, labour provided by a business owner or business partner.

Total expenses
Total expenses reported on the income tax return less payments to associated parties (amounts exclude GST).

Turnover
Total revenue received from providing goods or services each year, excluding GST.