On the inside with Sue Tayler
If you’re running a small business then it can be quite challenging to keep up with all the tax compliance changes.
Fortunately, accounting experts like Inner West based Sue Tayler from Effective Services are here to help us business owners stay informed and get prepared.
Sue discusses Simpler BAS and Tax Debt Reporting changes and what you can do about them.
According to Sue, small businesses with a GST turnover of less than $10 million will have the Simpler BAS as their default reporting method. There are now fewer fields to complete for small businesses.
Tax debt reporting
If you have an existing tax debt then you should check this out. According to Sue: “The tax man will now disclose small business tax debt information to credit reporting agencies under a new measure announced in the federal government’s mid-year budget update.”
The ATO lodgement process
However, the ATO still insists that there be a signature from an authorised representative for each and every lodgement including BAS and IASes. Details here
To make this process as easy as possible, Sue has recently introduced digital signatures for your lodgements. For upcoming BAS and other important dates refer to their website Important Dates
Effective Services can also help with new and upcoming changes to payroll and employment law. Some of the things they can help with include:
- System improvements
- Payroll, set-up, and processing
- Business processes, filing systems, bank rules, business systems
- Understanding your business numbers
- Reporting and analysis, budgets
- Other business advice
According to Sue: “Nearly all businesses can benefit from a better understanding of their financial results. We have a number of new reporting tools to assist.” These include:
- Calxa – great for NFPs or other entities that need to run multiple budgets
- Xero NEW reports
- Invisible Accountant
- MYOB jobs and budgets
When changes like these happen, it’s best to always talk to an expert.
About Sue Tayler from Effective Services
In business for over 20 years and with a strong profile in the Inner West Sydney business community, we love that Sue has a complete passion for getting the books “absolutely right.”
They have a wonderful user-friendly FREE APP to help make bookkeeping easier. You can download this from their website here.
For a discussion about your business and any accounting and bookkeeping help you need, you can contact Sue Tayler from Effective Services right here or visit Sue’s website: https://effectiveservices.com.au/