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ATO’s 2019 New Year’s resolutions for small businesses

by | Jan 30, 2019 | Tax Related | 0 comments

The ATO has released some 2019 New Year’s resolutions for small businesses. So take the opportunity in the beginning of this year to get things organised for this 2019. Keep up with these resolutions to streamline your business to run smoothly:

1) Sort out your record keeping processes

Sorting out your record keeping processes is very important to start afresh with an electronic record keeping system that meets your business needs.

Precent has a cloud bookkeeping service to make your processes easier and secure. Please contact us to help you with your bookkeeping process.

2) Lodging online

The ATO recommend you to lodge correctly your statements such as GST, BAS, and so on. For them is easier to carry out its audit work if you pre-filled your tax information. Precent can help you to properly categorise business expenses and identify the GST on each transaction, that enables BAS returns with more accurate figure. Contact us to help you to lodge your activity statements.    

3) Making prepayments in advance

The ATO considers that making payments in advance of an expected tax bill can help you to manage your tax. Contact us to help you with managing those prepayments and lodge it properly in your tax return.

4) Set up a instalments payment plan

The ATO recommend you set up a payment plan to pay your tax in instalments. It’s easier for you because at the end of the tax year you don’t need to rush with a big payment in your tax return.

Precent can support you in the creation of a tax payment plan and asaving scheme, contact our professional team for more information.

5) Check your super guarantee obligations  

Beware, your super guarantee obligations need to be up to date. If an employee reports you for unpaid super, the ATO will start an investigation on their behalf. Contact us to help you to manage your super obligations and avoid any risk with the ATO.

More information  

Meeting these resolutions can be confusing for you. Don’t worry, Precent is here to help you to meet each of the recommendations. From cloud bookkeeping to lodge tax statements, Precent has a range of services and a professional team ready to help you. Please contact us at [email protected], or call us to (+ 61) 2 8317 1281.

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