The ATO's new Tax Toolkit for small business owners

As an entrepreneur, one inescapable reality of running your business is remembering to pay taxes on the profits the company makes, and the earnings you make as a director.

It’s the least glamorous and exciting part of managing the business, but it’s also a major responsibility, where the buck stops firmly at your desk as the owner, CEO or company director.

Fortunately, the Australian Taxation Office (ATO) has just published its latest Tax Time toolkit for small businesses, with guidance and advice on keeping your tax affairs compliant.

How the Tax Toolkit helps your tax planning and compliance

When you’re busy dealing with operational issues, sorting out a staffing problem or working on business development, it’s easy to let your tax responsibilities slip down the to-do list.

But it pays to be prompt and organised with your business and personal taxes, whether it’s your quarterly Business Activity Statement for GST or your corporation tax pre-payments. Failing to meet the ATO’s deadlines can land you with some costly penalties.

The ATO knows the realities of running a small business. So the Tax Toolkit is designed to give you all the information and advice you need to stay compliant.

Angela Allen, Assistant Commissioner for small business experience at the ATO, outlines the aims of the Tax Toolkit and how the ATO supports your tax planning.

“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 resources does the Tax Toolkit contain?

The ATO’s Tax Time toolkit gives you key resources to help you meet your tax obligations. The advice, information and support included is updated throughout the year, so you always have the correct tax rates and rules to refer to.

You can also find 300 free short courses in the ATO’s Essentials to strengthen your small business, helping you learn the skills and gain the knowledge needed to run your business and your tax affairs as smoothly as possible.

Helping you plan your tax and stay compliant

The ATO’s Tax Time toolkit is an invaluable resource that helps you get to grips with all the basics of business taxation. But if you’ve got more detailed questions about your company’s tax, please do come and talk to our team.

We’ll help you review your tax obligations, tax payment schedules and the best ways to budget for your ongoing tax costs and GST payments etc.