If you run a business and do the bookkeeping, it’s important to be organised. This will help you stay up to date with your taxes and make good choices for your business.
Here are some tips to help:
- Keep track of what you spend and update your records regularly. Check your receipts and records match your bank accounts.
- Goods and Services Tax (GST) is a 10% tax added to most goods and services in Australia. If your business is registered for GST, you must collect this tax from your customers and pay it to the Australian Taxation Office (ATO). To make this easier, put aside the GST you collect into a separate bank account so it’s ready when you need to pay it to the ATO.
- You can also set money aside if you have pay as you go withholding (pay as you go withholding) and super (super) obligations. This will ensure you have the money ready when it’s time to pay.
- A business activity statement (BAS) is something you lodge to the ATO to report and pay your GST, pay as you go withholding, and other taxes. Your BAS may be due monthly, quarterly or annually. Your due date will be on your BAS. Set a reminder in your calendar to give yourself time to do it. You may get extra time to lodge and pay if you lodge online or through a registered tax or BAS agent.
- Remember to lodge and pay your BAS in full and on time. You will owe more money the longer you take to pay.
- Ask for help if you need it. You can talk to the ATO, a registered tax or BAS agent, or a business advisor. The National Tax Clinic programExternal Link may also be able to help you.
For more tips and information, visit ato.gov.au/CashFlowTips