The Australian Taxation Office has launched a new campaign that aims to help Australian businesses meet their tax obligations in 2014. Below are the key ideas from the ATOs campaign that GMD Accounting think are useful for Australian business owners coming into the new calendar year. 

Resolution 1 – lighten your tax debt weight in 2014.

• Avoid penalties and interest by lodging and paying on time.
• Contact the ATO if you can’t pay on time.
• Keep the GST you collect separate from your business account.

Resolution 2 – give your business a health check.

• Check your systems and records are in order to avoid mistakes on your BAS.
• Leave paper behind and keep records electronically.
• Ask your accountant to assess the performance of your business.

Resolution 3 – better tax habits.

• Don’t be afraid of the ATO – your accountant works on your behalf and can negotiate with the ATO.
• Always lodge your BAS on time even if you don’t have anything to report.
• Avoid the paper shuffling – lodge your BAS through your accountant. 

For more information on any of the above contact your GMD Accounting team member.