The Federal Government’s new compliance requirements will apply from 1 July 2009. In addition to payroll changes for the 2009/2010 financial year, there are also changes to superannuation reporting and payment summaries. Business owners need to ensure they will be compliant with the Australian Taxation Office (ATO) from 1 July 2009. Information about all new compliance requirements is available from the ATO, or business owners can seek information from their accountant.
MYOB believe it is extremely important for business owners to have everything A-OK with the ATO. In addition to preparing for mandatory obligations in 09/10, it’s also important for business owners to plan for the next 12 months, encouraging business owners to take a step back and develop a sound business plan for overcoming future challenges.
The March 2009 MYOB Small Business Survey found that the majority (78%) of small business owners surveyed had not spoken with an accountant about developing a plan or strategy to ensure their business survives through a potential economic recession. An accountant can not only help with tax and accounting related matters(such as compliance), but they can also assist business owners with business planning, financial goal setting, cash flow management and making sure their business is running at its best.
Online resources such as myBRC (myBRC.com.au) can help ease this feeling of isolation and provide practical tips and advice not only for end of financial year, but for starting up, compliance, managing and growing a business.
MYOB is an international provider of business solutions that liberate business owners and accountants from the burden of day to day administration, empowering them to achieve business success. MYOB develops and delivers award-winning software, services and support for more than 700,000 businesses and accounting practices in the Asia-Pacific region.