Running a small business can get hectic, but staying on top of your finances doesn’t have to be overwhelming. The ATO has a few helpful tips that can make managing your tax obligations a lot smoother:

• Keep an eye on your upcoming expenses, make it a habit to update your books regularly, and reconcile your accounts often.
• Set aside the GST you collect—consider moving it into a separate bank account so it doesn’t get mixed in with your everyday cash flow.
• Do the same for PAYG withholding and super, so you’ve got the funds ready to go when it’s time to pay.
• Block out time in your calendar to prepare, lodge, and pay your BAS—planning ahead can save you from last-minute stress.

Need a hand with any of this? Don’t hesitate to get in touch with our office—we’re here to help.

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Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.