In its recent media release, the Australian Taxation Office has launched a new campaign to help Australian businesses meet their tax obligations.
The social media and promotional campaign provides business owners with practical tips to increase awareness of their tax rights and obligations and make it easier to comply. It also provides information on support available from the ATO for business owners.
With New Year resolutions in full swing, the first stage of the campaign focuses on tax resolutions to ensure businesses have the help they need to become more productive, efficient and profitable in 2014.
Resolution 1 – lighten your tax debt in 2014
Tips:
· Avoid penalties and interest by lodging and paying on time
· Contact the ATO if you can’t pay on time
· Keep the GST you collect separate from your business account
Resolution 2 – give your business a health check
Tips:
· Check your systems and records are in order to avoid mistakes on your BAS
· Leave paper behind and keep records electronically
· Use the ATO’s business viability tool on ato.gov.au to help assess the financial performance of your business.
Resolution – better tax habits
Tips:
· Don’t be afraid of the ATO – ask for help and boost your business performance.
· Always lodge your BAS on time even if you don’t have anything to report.
· Avoid the paper shuffling – lodge your BAS on line.
Mike Alvarez, a CPA and Registered Tax Agent, is the director of QA Audit and Tax Services Pty Ltd, a CPA Practice. He is also an ASIC registered SMSF auditor. Telephone 02 9628 2933.
