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Business Tips – Ways to Manage Tax and Obligations for Small Business
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Published on Thursday, 04 May 2017 12:13
1. Get help from ATO to reduce your tax debt
The top tax tip the ATO gives is, if you’re in a tight spot and/or worried about a tax debt, let them know. They will work with you to figure out a solution together, and I have many relieved clients who I have encouraged to call the ATO and found them to be very helpful indeed! Call them on 13 28 66 between 8am and 6pm weekdays, and you can download the new ATO app about ways they can help. Here is some info on Managing your Cashflow, a 1 minute video for tips on Managing your tax debt, and watch the recent webcast with David Koch, talking to the ATO and successful small businesses about ways that can help you manage your cash flow and reduce debt.
2. Have a business health check
Regularly check that your systems and records are in order to avoid mistakes on your BAS. If you still keep paper records, the ATO suggests that you consider leaving paper behind and shift to electronic records. There is also the ATO’s business viability assessment tool to help assess the financial performance of your business. We also provide a health-check analysis for clients, or one-off with actions points based on WHERE changes are required – call us for a FREE discussion.
3. Get the GST right
Remember to think ahead - when your business’s current or projected GST turnover is $75,000 or more for any 12-month period, you must register for GST within 21 days. The ATO also recommends that you put aside the GST you collect separate from your business account, and remember you have to keep your receipts for five years. Here is a 1 minute video for tips on Getting your GST right.
4. Keep up to date with changes in Super
At times there are some changes to super, including the recent introduction of a new data and e-commerce standard that will let you send super contributions to all funds in one electronic format.Work out tax and super to pay
5. Try Small business assist tool
During 2013, the ATO released the Small business assist, an online service which provides easy access to information for both new and established businesses. You simply type in a question and it provides tailored information from a range of websites. If you’re looking for tax information, give it a go (at www.sba.ato.gov.au )
6. And one more reminder, don’t be afraid of the ATO! They are very helpful!
Need help? Not sure? Call for FREE 30min advice / strategy session today! Aus +61 407 361 596
and also get Free “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!
Call for FREE 30min advice or click for the list for MORE articles.
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