Small businesses are the driving force behind Australia’s economy. In 2022, businesses employing fewer than 20 people contributed nearly $590 billion in value, accounting for approximately one-third of the country’s gross domestic product (GDP) during this period.
However, maintaining effective financial management, accounting, and tax planning can present significant challenges for many business owners.
To assist with these concerns, the Australian Taxation Office (ATO) has launched a new advisory portal, offering guidance and advice on managing finances and business tax obligations.
Strengthen Your Small Business
Essentials to strengthen your small business.
The ATO’s Essentials to Strengthen your Small Business portal is your first stop for business advice. There are helpful tips covering everything from having your first business idea, through to founding a startup, growing a business and even help on exiting the business.
From a tax perspective, there are several courses to help you keep your tax on track:
Starting a business – this course helps you set up your first business, with advice on common business structures and the registrations you need to run a small business.
Using your business money and assets – this course gives an overview on paying yourself, with advice on the different options and the records you must keep.
Record-keeping – advice on using technology to help your mandatory record-keeping, and on overview of the tax and super records you’ll be required to keep.
Claiming small business tax deductions – this course covers expenses you can deduct immediately, expenses you can deduct over time and expenses you can never deduct, as well as motor vehicle expense deductions.
Growing your small business – This course helps you plan the growth of your business, alongside other considerations like GST and capital gains tax (CGT).
Goods & Services Tax (GST) – an overview of who must register for GST, how to calculate GST on sales and purchases, as well as other requirements such as invoicing, record-keeping, and reporting GST to the ATO.
The Australian Taxation Office (ATO) provides valuable online resources for new business owners. However, if you require more in-depth guidance on mandatory record-keeping and tax obligations, we encourage you to speak with us.
We would be pleased to assist you with all aspects of your tax requirements and record-keeping.
