Get­ting a jump on the new fi­nan­cial year ahead

Central and North Burnett Times - - NEWS -

THE Aus­tralian Tax­a­tion Of­fice is en­cour­ag­ing small busi­nesses to get a head start on the new fi­nan­cial year by tak­ing care of busi­ness now.

As­sis­tant Com­mis­sioner Deb­o­rah Jenk­ins says that thou­sands of small busi­nesses reg­is­ter ev­ery month, which means there are a lot of new busi­ness own­ers about to have their first tax time ex­pe­ri­ence.

“We un­der­stand that around 50% of small busi­nesses come un­der fi­nan­cial pres­sure within the first year, and one of the big­gest is­sues is cash flow,” she said.

With this in mind, Ms Jenk­ins has five tips for small busi­nesses to help them get a head start on the new year.

1. STAY IN­FORMED

There are a num­ber of new mea­sures that small busi­nesses might be able to take ad­van­tage of this year.

The best way to keep up with what’s new for small busi­ness is to fol­low the Small Busi­ness News­room at ato.gov.au/sb­news.

2. GET ON TOP OF YOUR RECORDS

Good record keep­ing is es­sen­tial for any­one in busi­ness be­cause it makes it eas­ier to man­age your cash flow, meet your tax obli­ga­tions and un­der­stand how your busi­ness is do­ing.

For in­for­ma­tion and ad­vice on good record keep­ing prac­tice, visit ato.gov.au/elec­tron­i­crecord keep­ing and to find out how com­pet­i­tive your busi­ness is, use the small busi­ness bench­marks, visit ato.gov.au /busi­ness­bench­marks

3. FIND WAYS TO MAKE IT EAS­IER

The ATO has a range of prod­ucts and tools to make it eas­ier for small busi­nesses to stay on top of their tax and su­per obli­ga­tions.

To find out more, visit ato.gov.au/sim­pler­bas

4. LOOK AFTER YOUR EM­PLOY­EES

If you have staff, it’s im­por­tant that you do the right thing by them by mak­ing sure you meet your dead­lines for your em­ployer obli­ga­tions. There is a de­ci­sion tool avail­able on­line to help you get it right at ato.gov.au/ecinfo

5. KNOW WHERE TO GET HELP Around 95% of small busi­nesses use a reg­is­tered tax pro­fes­sional to lodge their re­turns, so it’s likely that your agent will be your first point of call.

Visit ato.gov.au/debt or to find out about how the ATO can help, visit ato. gov.au/sb­sup­port.

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