Business

Have you done a health check on your business lately? Just like your annual check-up at the doctor, you should check the health of your business on a yearly basis to identify any issues early on.

The small business benchmarks can help with this and we’ve just updated them with the latest data available.

The easiest way to use the benchmarks is by logging in to the ATO app and using the Business performance check tool. Just enter your figures and it’ll do the calculation for you. We don’t save any details and what you enter is anonymous.

If you find you’re outside the benchmark for your industry, it can mean you need to fix something, like getting a better rate for stock or reducing wastage. Your registered tax agent may be able to also help in identifying areas for improvement.

Most small businesses are eligible for an extra two weeks to lodge and pay by lodging online.

Depending on your business type, you have options for lodging online including:

• Standard Business Reporting (SBR) enabled software (cloud software) – often integrated with business software tailored to specific industries
• Business Portal – a secure ATO website, used separately from other business software
• myGov – if you’re a sole trader and don’t need any other software.

Single Touch Payroll (STP) extends to small employers with 19 or less employees from 1 July 2019. This means you report your employees’ tax and superannuation information to us each time you pay them.

There is a three-month transition period so you can start reporting any time from 1 July – 30 September. Talk to your accountant, software provider or tax adviser early and explore your options.

We recently hosted a webcast to assist with your transition to STP, which covered:

• what to do if you already use payroll software
• what to do if you don’t use payroll software
• simple, low cost solutions for micro employers (1–4 employees)
• quarterly reporting concession for micro employers (1–4 employees)
• requesting more time to get ready.