Small Business Benchmarks

Small business benchmarks are a guide to help you compare your business's performance against similar businesses in the same industry.

Use the business performance check

The easiest and quickest way to see how your business compares to competitors is by using the business performance check tool.

Just enter your details in the tool, and it will calculate and compare the data you entered using the benchmarks to quickly show how your business compares to your competitors.

Download the app and compare

You can find the business performance check tool by:

downloading the ATO app from Google Play, the Windows Phone Store or the Apple App Store

go to Business

select Business performance check

have your information ready and enter the figures into the tool

compare your business performance.

The personal information you enter isn't recorded and will only be used for completing the tool.

See also:

See How to compare your business performance manually to find out how you can calculate your benchmark manually.

in order to received hassles free and honest accounts, please contact swan partners on 08 61629808

About Authors :

Swan Partners is a progressive service provider dedicated in providing high quality tax consultancy, accountant in victoria park, bookkeeping service in perth, Tax Accountant in Perth and accounting services to individuals, sole-traders, partnerships, trusts, and companies.

Footnotes :

Tax Agent in Perth | Xero Bookkeeping Service in Perth | Bookkeeping in Perth | Small Business Accounting in Perth

GST and Property

GST only applies to the sale of certain property types (for example, vacant land, new residential premises, commercial premises) if the vendor is registered or required to be registered for GST purposes.

Even if you are not in business, if the turnover from your property transactions and other transactions are more than the GST registration threshold and your activities are regarded as an 'enterprise' you may be required to register for GST (for example, if you buy land with the intention of developing it for immediate resale at a profit).

Next step:

Find out if you need to register for GST when dealing in property.

What is property?

Instead of using the technical term 'real property', we are using 'property' as that term is more commonly used in the community.

Property can be:

land

land and buildings

an interest in land, rights over land or licence to occupy land.

The GST treatment of property varies, depending on the type or purpose.

Find out about:

Applying GST to property

Residential premises

Commercial residential premises

Commercial premises

Retirement villages

Farmland

About Authors :

Swan Partners is a progressive service provider dedicated in providing high quality tax consultancy, accountant in victoria park, bookkeeping service in perth, Tax Accountant in Perth and accounting services to individuals, sole-traders, partnerships, trusts, and companies.

Footnotes :

Tax Agent in Perth | Xero Bookkeeping Service in Perth | Bookkeeping in Perth | Small Business Accounting in Perth

What the super housing measures mean for SMSFs

Self-managed super fund (SMSF) members will be able to use their voluntary super contributions to buy their first home or make a contribution into their super from the proceeds of the sale of their main residence. The law for these new measures was passed by Parliament in December 2017.

The First Home Super Saver Scheme

The First Home Super Saver (FHSS) Scheme allows SMSF members to save faster for a first home by using the concessional tax treatment available within super.

From 1 July 2018, SMSF members can apply to release their voluntary concessional and non-concessional contributions made from 1 July 2017, along with associated earnings to help buy their first home.

Members must be 18 or over to apply to the ATO for the release of these amounts.

They can apply to withdraw voluntary contributions made since 1 July 2017 of:

up to a maximum of $15,000 from any one financial year, or,

$30,000 across all years.

Members will also receive an amount of earnings that relates to these contributions.

The downsizing measure

SMSF members who are 65 or over and exchange a contract for sale of their main residence on or after 1 July 2018 may be eligible to make a downsizer contribution of up to $300,000 into their super.

This downsizer contribution won’t count towards their contributions caps or total super balance test in the year it’s made. However, it will count towards the transfer balance cap and be taken into account for determining eligibility for the age pension.

The downsizing measure can only be accessed once – it can’t be used again to sell a second main residence.

If an SMSF member chooses to make a downsizer contribution, they’re not required to purchase another home.

SMSFs must ensure the member's contribution has satisfied all relevant conditions and completed the downsizer contribution form before accepting a downsizing contribution.

About Authors :

Swan Partners is a progressive service provider dedicated in providing high quality tax consultancy, accountant in victoria park, bookkeeping service in perth, Tax Accountant in Perth and accounting services to individuals, sole-traders, partnerships, trusts, and companies.

Footnotes :

Tax Agent in Perth | Xero Bookkeeping Service in Perth | Bookkeeping in Perth | Small Business Accounting in Perth

x