ATO’s Small Business app

ATO’s Small Business app

Gavin: During the same speech referred to under ‘ The Commissioner on the ATO’s new tactics’, Mr Jordan also discussed the ATO’s small business app.

“Something else we’ve been able to improve as a result of your feedback is out ATO app and it continues to expand in functionality and usability.”

“More than 500,000 people have downloaded the app and we know the most useful features for small business are:

• ABN Lookup, which verifies business details.
• Tax withheld calculation, which shows you how much tax to withhold.
• Key dates, which can set important tax and super reminders and alerts.
• Payment plan estimator, which shows you how quickly you can pay off a tax debt.
• Report a concern, which enables you to report suspected tax evasion.”

Business performance check tool

The ATO has also released a new function for the app which includes a business performance check tool which provides a snapshot of profitability, cash flow, working capital and debt serviceability. It also compares a business’s performance against similar businesses in its industry using the benchmark database.

myDeductions

Practitioners may also be interested to know that the Commissioner said that another online tool that came live recently is “myDeductions“. This tool allows taxpayers to upload their receipts and information for deductions for the 2015/16 year. Taxpayers are advised to simply take a photo of a receipt and upload it.

The deductions covered include:

• work-related expenses;
• car expenses – including a trip information calculation using Google maps that multiplies the cents per km based on the trip point to point;
• travel;
• uniforms;
• self-education; and
• other types of deductions, such as:
  • cost of managing tax affairs; and
  • donations.

Data will be stored in the taxpayer’s mobile device and, at the end of the financial year, can be uploaded into their tax return, like other pre-filled data, or shared with their tax agent.

Ref: ATO website – Media Centre – Commissioner’s speeches

Interested in joining our team? Why not apply today? 

About Our  Traineeships:-

Join the Market Leader in 2016 – Accounting Traineeships

Looking to study a B.Com at University of Newcastle in 2016?

Bottrell Business Consultants are a Multi Award Winning Firm

We have 2016 Traineeships available – work 3 days Study part-time 2 days

Apply now to Tara Skippen on tara@bottrellaccounting.com.au – send resume & cover letter

www.bottrellaccounting.com.au or check us out on Facebook, Twitter, Instagram or LinkedIn

Offices – East Maitland | Newcastle | Sydney | Melbourne | Brisbane | Gold Coast

Bottrell Business Consultants Pty Ltd – Chartered Accountants and Business Advisors.

The Bottrell group incorporates Bottrell Business Consultants, Bottrell Accounting & Taxation, Maitland Accounting & Taxation, East Maitland Accounting Services and Mobile Bookkeeping & Recruitment.

Our group of businesses & links include the following companies (& our websites);-

• Bottrell Accounting & Taxation – Visit out website
• Bottrel Business Consultants Pty Ltd – Visit our website
• Maitland Accounting & Taxation – Visit our website
• East Maitland Accounting Services – Visit our website
• Mobile Bookkeeping & Recruitment – Visit our website