With the new financial year around the corner, having a recipe for success is a good idea, including putting good business practices in place.
For a head start, focus on good cash flow management, good record keeping and having the right digital tools to help your business.
Managing your cash flow allows you to make better business decisions. The Cash Flow Coaching Kit is a great resource you can use with your registered agent to help you better manage and understand your cash flow. There are also cash flow resources small businesses can use themselves at Cash flow | business.gov.au.External Link
If you’re interested in free online learning courses on cash flow, record keeping and more, take a tour of the new Essentials for strengthening your small businessExternal Link platform.
It’s also a good idea to set up a separate bank account for pay as you go (PAYG) withholding, employee super and GST. This will help you avoid the temptation to use it as cash flow, and ensure you’re on track to pay in full and on time.
Knowing what records you need to keep is important. You need to keep most records for 5 years, so you should store them in a safe place. They should also be written in English – or easily converted to English. A good record system makes it easier for you to lodge and pay on time.
Having the right digital tools will help you to perform daily business activities easily and securely, making it easier to meet your tax obligations at times it is convenient for you.
Make sure you’ve set up myGovID and Relationship Authorisation Manager (RAM) to access our online services, including Online services for individuals and sole traders and Online services for business which allows you to manage your business reporting and transactions in one place.
Remember, it's important to lodge, and pay in full and on time. If you're worried you won't be able to lodge and pay by the due date, contact your registered tax professional or visit the ATO website to find out what support options are available to you.