Following a marked increase in young Australians going into business, the Australian Taxation Office (ATO) has made the process even easier to help young people set up their own small businesses.
“New businesses, especially by young people, need some guidance in getting it right,” Mr McCormack said.
The ATO, along with ASIC and the Department of Industry, Innovation and Science, recently partnered with young small business owners to form a fix-it squad.
The squad explored how government could help young Australians in starting a new business and worked together to bring some helpful new products to life.
“New small business owners can now receive additional support with the New to Business Essentials email service,” Mr McCormack said.
“Starting after they register for their Australian Business Number (ABN), the service delivers timely, relevant and helpful government information at key points over 12 months.”
“This gives new small businesses better information and a greater chance of success.”
ASIC has also developed a First Business app, while the government is providing a range of online tools, including checklists to help with setting up a business, ideas for developing business networks, and advice about planning and setting goals.
Mr McCormack said, “Estimates say these products will save the Australian small business community around 1.5 million hours a year, giving new business owners more time to grow their business.”