The period leading up to the end of the financial year isn’t one for small-business blinkers. Getting your tax and super in order now could save you a huge amount of time once July has come and gone. These free tools provided by the Australian Tax Office (ATO) can help get you started on the road to better business. From the ATO app, which gives you access to important information at your fingertips, to the downloadable Small Business Tax Time Toolkit, with its handy fact sheets that help explain topics like common small business tax deductions, these are the top tools you need to make wrapping up the financial year as pain free as possible. Better yet, they won’t cost you a cent!
Download the ATO App
If you’re a sole trader, the ATO app helps you keep on top of your tax and super. For a personalised experience and to take advantage of all available tools and features, link your myGov account to the ATO.
You can use the ATO app to update your personal and business details, such as your address or financial institution (bank details). It’s also a quick way to check the progress of your tax return, track your super and view dates for lodgements and payments, which you can seamlessly action in ATO online.
Save time with the myDeductions tool, which allows you to record your business expenses and income on the go. You can email the data to yourself or your tax agent when it’s time to do your tax, or upload it to pre-fill your tax return.
The tax withheld calculator allows you to work out how much tax should be withheld from salary or wages, either your own or your employees’.
Use the ABN lookup tool to search for a business’ ABN and view other public information about it. If you’re registered for GST, you can see whether a business you’re purchasing goods from is registered for GST so you can claim GST credits.
Compare the performance of your business to similar businesses in your industry with the business performance check tool. This tool uses benchmark data from more than 100 different industries.
Download the ATO app from Google Play or the App Store.
For more information about how the ATO app helps you keep on top of your tax and super, visit ato.gov.au/app.
SEE ALSO: 10 Tax Deductions You Could Be Claiming
How ATO Online Services Can Help
Many of the tax and super services you’ll need to access, either as a sole trader or small business, can be found in ATO online services.
After linking your myGov account to the ATO, sole traders can use ATO online services to:
- manage personal and employment details
- view tax information
- lodge and pay tax
- view, manage and access super
- manage other lodgments such as activity statements and request extra time to lodge
Other types of business – partnerships, companies and trusts, for example – can use ATO Online services for business to manage business interactions with the ATO, including:
- viewing, preparing, lodging and revising activity statements
- creating payment plans
- viewing statements of account and finding a payment reference number
- managing accounts and updating tax registration details
- viewing Single Touch Payroll reports
- registering for GST and pay-as-you-go (PAYG) withholding
- viewing and printing tax returns and income tax history
Use the Small Business Tax Time Toolkit
Each year, the ATO updates its Small Business Tax Time Toolkit, which can also be downloaded as a PDF. It includes a directory of links to useful information, tools, calculators and services to help small businesses at tax time and throughout the year.
You’ll also be able to access handy fact sheets on topics such as home-based business expenses, motor vehicle expenses, travel expenses and pausing or permanently closing your business.
Stay Organised With the Record Keeping Evaluation Tool
Ever wondered how good a job you’re doing at keeping all your business records in order? The ATO’s record keeping evaluation tool can help you check.
If you run a business, are considering starting one or you’re in charge of managing records for a business, then this could be the tool you’ve been looking for. And it only takes around 10 minutes to complete.
Just bear in mind that the results will be based on whatever details you submit, so if your situation changes in any way, it’s a good idea to use the tool again. And don’t worry: the ATO can’t access the information you put into the tool, so it’s only for your benefit.
Essentials to Strengthen Your Small Business
There’s a lot to be across when it comes to operating a business. You can find guidance from the ATO via a free online learning platform, Essentials to strengthen your small business. It’s a self-paced course that covers 21 topics including:
- business life cycle stages – idea, start-up, day-to-day, change and exit
- reporting obligations – for example, what to do if you have employees or need to report GST or fringe benefits tax
- learning needs – find out about good record keeping, improving cash flow or growing your business
- other circumstances – for example, help setting up a business, checking if your business is viable or you need to close.
This is general information only. Seek professional financial and/or legal advice to determine the right outcomes for your business or individual needs.
This article was originally published on April 2022 and has been updated.
