During the tax planning and strategy season we completed reviews with 250 plus businesses.
There were some interesting facts that came out of the reviews:
We had 14 businesses that made more than $1m of net profit
Only 14 businesses failed to make a profit and of those that incurred a loss, the average loss was $85k
The average profit for the year was $300k across the 250 plus businesses reviewed
The average government assistance in that profit of $300k was $50k, meaning that our client’s businesses generated profits of their own during COVID of an average of $250k
Assets purchased during the year that qualified for the ATO immediate tax write off totaled $23.7M, an average across the 252 businesses of $94k
The 252 businesses reviewed produced total profitability of $75m
Summary of Businesses by Turnover
Summary of Businesses by Profitability with comparison to last year
