ATO – Tax Professionals are Key to Successful Small Businesses

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:

(1) 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/

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