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November 08, 2019

ATO – Tax Professionals are Key to Successful Small Businesses

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By exercising due diligence, asking the right questions and examining their assumptions, it is possible to position clients for success.

Tax professionals are vital to the health of the financial system and the small business market, according to ATO’s second commissioner Andrew Mills.

Speaking at the Tax Institute’s 2019 Tasmanian State Convention, Mr Mills listed small businesses utilising services from tax professionals as a standout factor towards small business success.

An article published by Accountants Daily quotes Mr Mills, “While the ATO does a lot of work to mitigate the complexity of small business tax, they tend to find the single best predictor of success for a small business is whether or not they have a professional adviser”1.

Mr Mills views tax professionals as the gatekeepers of the system and that by exercising due diligence, asking the right questions and examining their assumptions, it is possible to position clients for success.

The ATO lists the following top tips for small business owners seeking advice and support:

Choose a tax agent, bookkeeper or BAS agent who is registered with the Tax Practitioners Board.
Keep in regular contact with your tax professional – this will help them understand your business and give you the right advice.
Talk to your tax professional or the ATO if you’re unsure of something or you’re considering making changes to your business2.
There are a number of ways to help your business thrive, such as consulting a professional or investing as a tool for growth. Check out our blog post on the ways to invest to help your small business thrive here.

Discover what more is possible for you and your business by getting in touch with a Modoras Business Advisor. Call us today on 1300 888 803 or book an appointment by clicking here.
References:

Lian, J. (2019). Tax professionals vital for small business success: ATO. Retrieved from https://www.accountantsdaily.com.au/
Tips for small business owners. (2019). Retrieved from https://www.ato.gov.au/
IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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