The ATO has released its top 5 business tax tips for 2023, here's our spin on these:
- Know if you are in business or not - I'd say 100% of our clients know if they are in business or not, however, if you are unsure (for any reason!) contact us as below.
- Keep your business registrations and details up to date - if you are one of our valued clients, ignore this - we look after this and will follow up with you if anything needs your attention.
- Director IDs are now mandatory - we have already raised this with all of our clients, so ignore this one (unless you have a personal extension and then over to you!)
- Keep accurate and complete records - if you do not have a robust account-keeping system then now is the time. We have 95% of our clients on accurate, real-time, bank data-feeding software. If you are one of the 5% still using excel or an old accounting system, then now is the time to change!
- Work out if the personal services income (PSI) rules apply to you - if you work for multiple clients (i.e. < 80% of your revenue is from one source), employ staff and/or maintain separate business premises, then you are in the clear. We have advised all our potential PSI clients and worked with them to resolve, so if you are unsure about your situation, let us knowl.
If you wish, you can read the full article on the ATO website - just click here.
Disclaimer: This information is general in nature. So, before acting on this or any other information, it is important to seek professional advice related directly to you and your circumstances. Should you require our assistance, contact your Primarius Team leader, or email us at firstname.lastname@example.org