Starting a new business can seem like a good idea however unknown to many, there are many reporting obligations for businesses to be compliant. The ATO have developed a portal which provides business owners with many resources to be successful.
Each heading has resources and tools which are critical for business owners to understand. This article will touch briefly on each heading, the tools and resources provided by the ATO. These resources are accessible via business.gov.au.
Planning your business before you start is a must for any business to be successful. Planning provides direction and goals for your business to be able to focus on through your venture. This tab provides information about different structures and types of businesses as well as checklists to help you start planning. Financial and marketing plans are also available to new business owners who are looking to get ahead in their industry.
The finance tab provides detailed information which teaches owners to set up booking systems, manage their cashflow and prepare you for tax time. Accurate record keeping is becoming a greater responsibility for business owners as the tax office is continuously improving their ability to detect fraudulent owners. Resources that can help owners’ budget and stay tax compliant are found in this section.
The People section is for business owners to understand their responsibilities when dealing with staff, contractors and customers. It is important to understand your legal obligations when dealing with your staff, suppliers etc. This tab provides current information on how to put your business in the best position to effectively manage and deal with each party.
This tab educates business owners to manage risks and protect your business. It shows directors how insurance, health and safety laws and cyber security can help your business. These resources are ever so important when it comes to protecting client information and also your own information. The Government provides resources to minimise the risk of cybercrime and to manage all variables of running a business.
This section helps find your registrations, licenses and the permits you need to start and run your business. This is where individuals can register for ABN’s, register a company, website names, or cancel registrations as well as licenses and permits. This section points owners in the right direction to stay compliant and to follow all tax and reporting obligations.
This section provides information for owners to research their market, reach their customers, get online and stand out from the crowd. Templates for market plans are available as well as information on social media and websites.
Products and Services
Find out how to sell your product or service, import or export goods and locate a supplier. Information on fair trading, pricing, suppliers and inventory management are all found in products and services. Information on rules and regulations about importing and exporting are also found here with guides to help manage your products and services.
Change and Growth
If you want to find out how to innovate, restructure, change and improve the way you run your business then look no further. This platform provides information on restructuring the entity of your business as well as improving the way you run your business by creating effective processes, products and ideas.
The business portal is a resource which was created to assist business owners in running their business. If you would like to find out more information about maximising your business’ potential, contact us today.
– FAA Accounting Group Pty Ltd