If you feel like you are getting a tax bill or ATO reminder notice every second week, it’s quite possibly just the reality of your business and personal tax requirements with the ATO. You are not alone.
As an example, let’s say you run a normal small-medium sized company, and you distribute the profits (via dividends or trust distributions) to various family members at year end. For the business, you have four BAS’s per year and eight IAS’s (PAYGW only), you also have a company tax return and probably an FBT return too. Then, let’s say you have four family beneficiaries receiving profits. They will each have four quarterly PAYG instalments per year, so 16 in total per year. Plus, each of these family members will have an individual tax return. So, for this relatively regular business and family, you have 34 lodgements or payments per year! You read that correct! And, that is before you consider some business structures that have multiple entities, others have SMSF’s attached etc.
So, it’s not surprising that it’s challenge in keeping up to date with your ATO requirements. We are always more than happy to assist you in meeting this challenge however, we thought we might highlight some free ATO tools that can not only help you keep track of all related debts and required lodgements, but can help you save time and money. By connecting to these tools/portals, you will have all relevant ATO information directly in front of you.
Managing Business Affairs
To manage requirements for your business you can access what’s known as the ATO business portal. There is a little bit of set up time required to connect you to this service, but once up and running it will be a life saver. Here are some of the key features of the ATO business portal:
- Lodge and view business activity statements (BAS & IAS)
- Track current tax amounts owing or refundable
- View payment due dates and payment references/options
- Process payments online
- Apply for payment plans, view progress on debts being paid off and due dates
- Access prior communication notices
- Update business details (addresses, phone numbers, emails, and bank details)
Managing Personal Affairs
To manage individual requirements, you can access your personal ATO account through MyGov. A brief set up is required to link your ATO account to MyGov, but most clients should already have a MyGov account created. There is similar functionality to the business portal, including the ability to update personal details, view communication notices, manage PAYG instalments and process payments online. In addition to the features above, you can also access information about personal superannuation balances, income tax statements, notices of assessments, and year-to-date payroll amounts.
The following are some helpful links, which will assist you to get started.
- https://www.ato.gov.au/online-services/businesses-and-organisations-online-services/set-up-your-access-to-online-services-for-business#ato-WhoneedstouseDigitalIDandRAM
- https://www.myid.gov.au/how-set-myid
- https://www.youtube.com/watch?v=wf2xFJ7D_40
- https://www.ato.gov.au/online-services/online-services-for-individuals-and-sole-traders/ato-online-services-and-mygov/create-a-mygov-account-and-link-it-to-the-ato
As always, if you do require any assistance, or need access to any identify verification documents, please give the office a call. We are more than happy to assist you!
