Here’s some great tips from the Australian Taxation Office (ATO) to help your business become more productive, efficient and profitable in 2018.
1 - Lighten your tax debt load
The top tax tip from the ATO is if you’re in a tight spot and worried about a tax debt, let them know. They’ll work with you to figure out a solution. You can call them on 13 72 26, or download the new ATO app to find out how they can help. Get more information on managing your tax debt.
2 - Give your business a health check
It’s a good idea to regularly check that your systems and records are in order to avoid making mistakes on your BAS. If you still keep paper records, the ATO suggests that you consider leaving paper behind and shift to electronic records.
You can also use the ATO’s business viability assessment tool to help assess the financial performance of your business.
3 - Keep up to date with Super changes
We all know that there have been lots of changes to super in the last couple of years, including the introduction of a new data and e-commerce standard that will let you send super contributions to all funds in one electronic format. You can keep up to date with all things super via the ATO's super for employers information page.
4 - Get your GST right
If your business’ 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 keep the GST you collect separate from your business account, and don’t forget to keep your receipts for five years. Learn more about getting your GST right.
5 - Keep trying
The ATO has an effective online service providing easy access to information for 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, visit small business assist.
And finally, don’t be afraid of the ATO. This is our tip, but we’re sure the ATO will agree. They’re as keen as you are to see your business succeed, so call or visit the ATO and draw on their expertise.