ATO? MyGov? Who Sets Accounting Standards In Australia
For business owners, the mere utterance of the word accounting can cause a panic. Tax compliance and planning can come as a chore to most but is an important part of successful business management. Knowing where your business sits and who you need to report tax to can be a bit intimidating, so we’ve broken down the roles of Australia’s agencies to provide you with some clarity:
ATO or the Australian Taxation Office
The ATO is the principal revenue collection agency for the Australian Government. Their role is to effectively manage and shape the tax and superannuation systems that support and fund services for Australians. The ATO is the most reliable and trustworthy of sources for information on all things taxation in Australia.
What you’ll encounter with the ATO:
- Company Tax Returns
- Income Tax
- Business Activity Statements
- Instalment Activity Statements
- Fringe Benefits Tax Returns
- Taxable Payment Annual Report
MyGov is an Australian Government online portal and a secure way to access government services online. You can link and access government services such as the ATO Portal, Centrelink, Medicare, Child Support NDIS, My Aged Care and many more to your MyGov account.
This allows you to access and keep important information in a secure place.
ASIC -Australian Securities and Investments Commission
ASIC is Australia’s integrated corporate, markets, financial services and consumer credit regulator. ASIC is an independent Australian Government body. ASIC holds information about companies and other bodies.
Contact ASIC for things like:
- Updating your business address
- Registered business name
- Updating company officeholders
You can also always contact our team to help you navigate through ATO and ASIC.