We’ve published our small business benchmarks for 2023–24, covering 100 industries and helping over 2 million small businesses.
Use our benchmarks to understand your performance by comparing your turnover and expenses with similar businesses in your industry. This can assist you to make informed decisions about your business.
Take Jo for example. Jo, an electrician running a small business, wants to know how her business is tracking. By using the benchmarks, Jo can see that:
- her expenses to turnover ratio is 70%, which is within their relative benchmark range
- the expenses benchmark starts at 59%, showing some competitors have lower costs.
Jo investigates potential inefficiencies and reviews pricing strategies to reduce expenses and improve profits.
Our benchmarks can also help you to get it right and meet your tax obligations. If your expenses fall outside the industry benchmark range, it may indicate errors in your tax return – such as underreported income or overclaimed expenses.
Your tax professional can also help you interpret and apply these insights.
For more information, visit Small business benchmarks on our website or access the benchmarks through the ATO app’s business performance check tool.
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