The Australian Taxation Office has launched a new campaign that aims to help Australian businesses meet their tax obligations in 2014.
The social media and promotional campaign hinges on three New Year’s resolutions the ATO says businesses should adopt to help them stay on top of their tax obligations.
“[The campaign] provides business owners with practical tips to increase awareness of their tax rights and obligations and make it easier to comply,” the ATO states.
Such tips include paying tax debt promptly, giving your business regular health checks, and adopting better tax habits.
Stephanie Caredes, tax counsel at The Tax Institute, tells SmartCompany that businesses should find out now when their lodgements and payments are due for the year, and then seek assistance where needed to help them understand and manage these obligations.
“There is the potential for penalties and interest being incurred if lodgements and payments don’t go in on time,” she says. “That’s why you should find out when your lodgement dates are due so you don’t accidentally miss them and incur unnecessary costs.”
The ATO website can be a very helpful resource in this regard, Caredes adds.
“There are lots of helpful tools for small businesses on the ATO website. Things like the business viability tool, all sorts of calculators, and details about lodgement dates. That makes the website a good first point of call.”
Resolution 1 – lighten your tax debt weight in 2014.
Tips:
Resolution 2 – give your business a health check.
Tips:
Resolution 3 – better tax habits.
Tips:
Myriam Robin is a reporter for SmartCompany and its sister site LeadingCompany. She has degrees in economics, international studies and journalism. She likes writing about businesses taking risks and doing new things.
