Getting a jump on the new financial year ahead
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.