As a result of user feedback, the ATO has improved their ATO Small Business app and it continues to expand in functionality and usability.
The most useful features for small business include:
- ABN Lookup, which verifies business details
- Tax withheld calculator, which shows how much tax to withhold
- Key dates, which can set important tax and super reminders and alerts
- Report a concern, which enables users to report suspected tax evasion
The ATO has also released a new function for the app which includes a business performance check tool (which provides a snapshot of profitability, cash flow, working capital and debt serviceability).
It also compares a business’s performance against similar businesses in its industry using the benchmark database.