One of the unavoidable realities of running a business is ensuring that your tax obligations are met—both on company profits and on remuneration as a director. While not the most glamorous responsibility, tax compliance sits firmly with you as the business owner or director.
To assist, the Australian Taxation Office (ATO) has released its latest Tax Time Toolkit for small businesses, providing updated guidance and resources to help you remain compliant.
Why the Toolkit matters:
With the demands of day-to-day operations—managing staff, overseeing cash flow, or pursuing growth opportunities—tax compliance can easily slip down the list of priorities. However, prompt and accurate reporting is essential. Missing deadlines for your Business Activity Statement (BAS) or company tax instalments can quickly result in costly penalties.
The ATO recognises these challenges and has designed the Tax Time Toolkit to support small business owners with practical advice and accessible resources. As Angela Allen, Assistant Commissioner for Small Business, explains:
“Our role in helping you get your tax right is important. We’re here to help you boost your tax and super knowledge. We want you to be more resilient to the unexpected challenges that small businesses face. We’ll keep doing this through tailored and timely advice, and through our informational and educational support resources.”
What the Toolkit provides:
The Toolkit includes up-to-date tax rates, practical compliance information, and links to more than 300 free short courses under the Essentials to Strengthen Your Small Business program. These resources are designed to build both your business skills and your tax knowledge.
While the Tax Time Toolkit is an excellent starting point, every business faces unique challenges. Our team can provide tailored advice, review your compliance obligations, and assist in planning for GST, tax instalments, and ongoing cash flow requirements.
