Small Business Update

At a recent address to in Sydney, the Commissioner said that in the next month or so, there will be a new look and feel for the whole ATO website including a new homepage for business with a simplified layout to make it easier for small businesses to find what they are looking for.

Later in July, the ATO will release a new function for its app which includes a business performance check tool. This check tool will provide a snapshot of profitability, cash flow, working capital and debt serviceability so that businesses can understand the financial health of their business. It also compares business performance against similar businesses in its industry using the ATO’s extensive benchmark database material. A business will need a minimum of one month of its business data – usual income and expenses, assets and liabilities – to use the tool. Data from the last period can be saved to compare performance over time. The Commissioner said the ATO will not keep a record of personal information on its systems

For any information on this or for any of your bookkeeping needs, please contact Maurie on  0418573667

Posted in General News