Expert Advice: Tips for Setting Your Business Up for a Successful 2021

With 2020 behind us, it’s time to turn our attention to 2021. Many businesses are still suffering the effects of last year’s natural disasters and the COVID-19 pandemic, which are likely to be a consideration for the foreseeable future.

“This year we’ll be rolling out a new service – Online services for business. This will replace the Business Portal and make it easier for businesses to interact with us online and at a time that is convenient for them.”

Andrew Watson | Assistant Commissioner, Small Business

AUSTRALIAN TAXATION OFFICE

We want small businesses to have the information and support they need to get back on track and thrive. The following are some tips to help your business in 2021.

Embrace digital

We know from research that businesses who are digitally engaged perform better. When tax and super obligations are integrated into natural business systems, business owners and their advisers have better information and more time back in their day to grow, improve, and expand their business. With this in mind, we are committed to continuously improving our digital and data services for business.

This year we’ll be rolling out a new service – Online services for business. This will replace the Business Portal and make it easier for businesses to interact with us online and at a time that is convenient for them. Online services for business will deliver users a range of new functions that are not available in the Business Portal, such as creating payment plans, viewing and printing their income tax return histories, and switching between businesses within a single login.

Online services for business has undergone extensive user testing to make sure it meets users’ needs. A private beta is currently underway, and we will let businesses know when this service is available for everyone to use. We will support businesses through this change by providing a transition period before we remove access to the Business Portal.

Keep up with your tax obligations

It’s important to lodge your activity statements and tax returns on time, even if you can’t pay by the due date. This will show us that you’re aware of your obligations and doing your best to meet them.

If you’re worried you won’t be able to pay on time, or you’ve already missed a due date, contact us as early as possible to discuss your situation as we have a range of options to support you. For more information visit ato. gov.au/helpwithpaying.

If you’re having difficulty meeting your tax and super obligations because of COVID-19, we’re here to help. Contact our Emergency Support Infoline on 1800 806 218 or speak with a trusted tax advisor. For more information visit ato.gov.au/COVID-19.

Report all income and sales

We know that 2020 was complex for small businesses, with decreases in sales, changing service offers and restrictions likely to have effects for some time to come. Businesses struggling to get back on their feet might be tempted to engage in behaviours such as under-reporting income, assisted by electronic sales suppression tools (ESST).