The Australian government offers numerous resources to help support your small business. While there are many aspects to running a business, not all are as enjoyable and simple. Making sure that part of your business structure includes accounting and reporting and tax planning is an important strategy to have in place. Small business owners have a lot to consider at tax time and want to make sure they are getting everything right.
The Australian taxation office (ATO) suggests going online is the simplest way to manage your business and super. There are ATO services where accounts can be managed and payments made. The Business Portal is a resource for all businesses wanting to prep activity statements and reports, update details, and manage accounts.
You can easily and quickly link your ABN to your myGov account, use your myGov username and password to access the numerous online services available for businesses: Business Portal, Access Manager, and the Australian Business Register.
The ATO app is ideal for those wanting to take control of their tax and super affairs while they are out and about.
The ATO app makes tax and super more accessible as business owners can conduct and manage their financial affairs from their mobile device.
The app has a number of useful features such as creating and saving lists of important dates and reminders. The myDeductions feature is ideal for sole traders wanting to keep track of their business revenue and expenses.
Small Business Benchmark is a useful tool whereby businesses can compare their activities with other businesses in their industry and see how they rate.
Sole traders know that their information is protected via the voice authentication security method through the ATO app.
An important aspect of small business financial planning includes debt management. Debt management has to be in line to ensure an adequate cash flow while still paying down those debts.
When a business is struggling, tax or super obligations often are put on hold. The Payment plan estimator is a useful link that calculates affordable individualized repayment options.
Small businesses have a number of useful resources available to them when it comes to starting up and growing, but the onus of small business owners doesn’t stop there; the ATO recognizes the financial responsibility and challenge of tax time and has initiated a number of supportive online tools to help. Are you a small business and looking for business advice in Perth? Get in touch with us today. Call 08 9200 0582.