The ATO released its small business fix-it teams that has a view to comprehend and deal with the problems many small business owners encounter, and ideally make things easier both for newer as well as established business owners not only to stay in small business (and keep paying taxes) but to also have a far better possibility of making their business a success.
It explains its small business fix-it teams as “rapid-design projects” where by small businesses, tax professionals, federal, state and local government agencies and intermediaries come together to evaluate issues impacting small businesses. The team then develops suggestions to fix the problem.
For instance, one particular fix-it squad discovered that many small business owners discovered that restructuring, as an example moving from running as a sole trader to a company, isn’t as easy as they believed. The three key challenges the ATO recognized were that many small business owners:
• find it hard to choose the best trading structure for their situation and determine what it means for their business
• do not comprehend the obligations and responsibilities of being the director of the company
• have trouble with the intricacy of the process and having get in touch with different government departments at various stages in the process.
The fix-it squad developed numerous resources and made them available online (see illustrations on this business.gov.au page, as well as this ASIC page).
Other identified issues for small business owners include things like dealing with employees, starting up (particularly for younger business owners) and completing business activity statements (BAS).
The make-up of every fix-it group changes based on the issue the ATO is intending to resolve. If you would like to nominate a cross-government issue that affects many small business owners, you can send the ATO an email.
Would like to get involved?
Small business participants for the fix-it squads come from the ATO’s “small business consultation panel”. Members on the panel work with the ATO on an ad-hoc basis to create tailored tax, super and whole-of-government products for small business owners.
The panel is a list of small business operators who assist the ATO provide improved solutions by offering practical business and industry know-how. The ATO says it is always searching for new members.
Panel members are involved on the short-term, as-needs basis to take part in a variety of consultation routines, including:
• taking part in workshops, research sessions and focus groups
• taking part in online consultation exercises
• offering feedback on procedures and paperwork
• offering viewpoints through the perspective of a small business operator
• performing end-user testing of products.
The ATO states that panel members might be paid for activities they take part in, dependent upon time commitments and the type of activity, however participants might need to check this.
To apply, go to this page and complete the application form.
Call Accountants Lynbrook for further information at 1300 300 106.