Small Biz Matters – a half hour program each week where you can work ON your business rather than IN it.
with Alexi Boyd from Boyd Office Management Services
Date: 4 June 2019
The end of financial year is looming for small business. But it doesn't have to be a burden for you and your workload. There are relatively simple checklists to follow from the ATO, great videos & videos in the small business newsroom and of course, support on hand from your trusted BAS Agent and Accountant.
But what about if you’ve not been great with staying up to date, and are a little bit lost with what’s required at this time of year?
If you keep good records and your accounts are up to date then the end of financial year shouldn’t be stressful. On the other hand if you find yourself behind with these aspects of your business the ATO is actually there to help too. Today we welcome to Small Biz Matters Justine Williams, the Acting Assistant Commissioner for Small Business with the ATO to chat about what you need to have in place to take the stress away from completing your own end of financial year checklist.
Welcome to the show Justine.
Topics we’ll be covering:
Is a bank statement enough (apparently this is a big conversation among agents)
– Records that you keep need to have enough information to support the amounts that you need to report and claim. A bank or credit card statement won’t always provide as much detail as is needed to claim an expense, so keep all the tax invoices or receipts associated with it. A statement can be supporting evidence but it’s usually not descriptive enough on its own, and isn’t enough for GST purposes.
Mental health – what evidence do you need when you speak to us
– Everyone and every situation is different, which is why it’s best to call us early, tell us your situation. Then we can work with you to work out the best option for you and what you need to show to us. We may be able to help you organise payment plan, defer a lodgment or payment, or fast track your tax return.
To find out more go to the ATO website:
https://www.ato.gov.au/Media-centre/Media-releases/Tax-time-tips-for-small-business/
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BIO Justine Williams, Acting Assistant Commissioner – Australian Taxation Office.
Justine currently leads the ATO’s Small Business Client Experience stream.
Justine’s role involves working closely with small business people and their advocates, industry groups and other government agencies to co-design services that help small businesses manage their tax and superannuation obligations. Justine’s role is diverse and sees her engaging regularly with the Australian Small Business and Family Enterprise Ombudsman, Department of Jobs and Small Business and the state Small Business Commissioners. She leads teams responsible for delivering on-line services for small business, the Cash-flow Coaching Kit and the Small Business Newsroom.
After beginning her career in the banking industry, Justine commenced in the ATO in 2000. Since then she has held senior roles spanning prosecutions, risk management, strategy development, IT project management and client service.
Justine is passionate about delivering client-focused solutions and people-centred change management.
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