ATO’s Top 5 Tax Tips for Small Businesses

The ATO reveals their tips to help your business become more productive, efficient and profitable in 2014.

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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 will work with you to figure out a solution together. You can call them on 13 28 66 between 8am and 6pm weekdays, or download the new ATO app to find out how they can help.

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 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. The ATO advises that businesses with 20 or more employees have until 1 July 2014 to adopt the standard and businesses with 19 or fewer employees have until 1 July 2015. You can keep up to date with all things super via the Small business assist tool at www.sba.ato.gov.au

4. Get your GST right
If 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 keep the GST you collect separate from your business account, and don’t forget that you have to keep your receipts for five years.

5. Try Small business assist
In 2013, the ATO released 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

And finally, don’t be afraid of the ATO.  They’re as keen as you to see your business succeed, so seek their assistance and draw on their expertise.

For more information visit http://www.ato.gov.au/

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