IS your business tax-ready?
The Tax Office has made a new computer program available to help small businesses check whether their business practices are helping them meet their tax obligations.
The program builds a profile of a business from the answers to a series of questions. It develops a printable evaluation report with information on what the business could do to improve their tax-related business practices to become tax-ready.
You can evaluate business practices at any stage of the business life-cycle - from when you're thinking about starting a business right through to selling or closing your business down.
It can also help tax practitioners, business advisers and bookkeepers to help clients identify where their business can make improvements to become tax-ready.
If you are a business operator, the program will provide information on characteristics and practices that are common in the operation of a successful business, identify areas of your business where improvements could be made, identify how you can improve your ability to meet your tax obligations, provide a report on how your current practices compare to recommended tax-related practices; outline what might happen if you're not complying with your tax obligations; advise you when your business practices reach the standard required to help you meet your tax obligations.
If you run more than one business, you can set up multiple business profiles to evaluate the practices of each business.
The program is for small businesses, including sole traders, with turnovers of below $2 million.
For more information and to download Is Your Business Tax-ready? go to www.ato.gov.au/TaxReady.
You can also request a copy of the program on CD by phoning 13 72 26.
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