The ATO has the following tips for small business owners “that can make your tax life easier”:
- They should keep an eye on upcoming expenses, and regularly update their books and reconcile their accounts.
- They should set aside the GST they collect (e.g., by transferring it into another bank account within the business to keep it separate from their cash flow).
- They can also set their PAYG withholding and super aside, so they will have the funds available when payments are due.
- They should plan ahead and schedule time in their calendar to prepare their business activity statement (‘BAS’), and lodge and pay their BAS on time.
Editor: If you need assistance with any of these issues, please contact our office.
