A press released on April Fool’s Day (is that relevant – we are not sure) indicates that the data used for the benchmarking analysis of 15 industries may be inconsistent.

The feedback from businesses attacked during the benchmarking process, have identified inconsistent treatments of cash-outs.

A cash-out occurs when a customer requests additional cash from the supplier when purchasing goods or services.  Differing treatments by different taxpayers in different industries, has meant that use of a benchmark industry-wide creates illogical analysis.

Accordingly, the cash sales benchmarks for these industries have been withdrawn.  There are many industries that have not had the benchmarks withdrawn.

The relevant industries are beauty services, clothing retail, coffee shops, florists, fruit & vegetable retailing, fuel retailing, garden supplies retailing, grocery retailing & general stores, hair dressers, hardware & building supplies retailing, meat retailing & butchers, newsagents, pubs, taverns & bars, restaurants and takeaway food services.

It is highly likely that the benchmarks will be re-introduced in a modified form and further verification of business ratios will be necessary.

It is always a good business practice to compare performance against, like industry averages.