Blog - Mike Crowley & Associates

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7 ways how SMEs can reduce business expenses

Small businesses are usually lean on capital and funding. As per data from Small Business Administration, around 50 percent businesses bite the dust in their 1st year of operation. Ineffective cost management is one of the crucial reasons behind the alarming rate of startup failure. However, such disasters could be easily tackled if SME owners are more careful about business expense & cost management.

Read more: 7 ways how SMEs can reduce business expenses

Key lodgement dates

21 December 2017 - November activity statements due for lodgement and payment

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ATO Debt Collection

ATO Debt Collection

The ATO has become more vigilant in this area.

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Cyber security threats and scam telephone calls

 

As many of you would be aware these two areas have increased exponentially in the last year or two. We have had numerous phone calls regarding scam emails or phone calls received by clients from parties purporting to be from the Tax Office. Two things to remember here:

Read more: Cyber security threats and scam telephone calls

ATO ramps up push to paperless

Refer article https://www.accountantsdaily.com.au/technology/8728-ato-continues-paperless-push.

We have increasingly seen a change from paper BAS statement sent in the mail by the ATO to the ATO simply saying that they are now online and won’t be sending a paper copy. This often results in people not realising their BAS is overdue and being fined by the ATO for late lodgments. As a result you will now have to log on to the Business Portal to obtain the BAS information and lodge the form. We can continue to assist clients prepare and lodge BAS, but if you have been lodging yourself paper BAS will soon be a thing of the past.

Read more: ATO ramps up push to paperless