The ATO have launched a new campaign to help Australian businesses meet their tax obligations.
Resolution 1 – lighten your tax debt weight in 2014.
- 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.
- 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 3 – better tax habits.
- 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.
Your Tax Agent will provide you with the right advice and support you need to keep your business on track. Contact Red Hills Accounting 03 5775 3295 if you have any questions.