You must ensure that your small business taxation and superannuation contributions are paid when they fall due.
To do so, you need a good record keeping system.
Keeping accurate and timely records ensures that you have the right information available at all times. You may need some help to set up the system to collect this information, this is where we can support your business. This will give you the confidence to know you have recorded the flow of money in and out of your business.
It’s important you know the key lodgment and payment dates throughout the year. Opening a second bank account and transferring amounts to pay your tax is good business practice.
This will assist you to plan for and meet your commitments when they fall due.
In reality, wages, rent, creditors and other more immediate bills impact your cash flow. You may also struggle to allow the time to keep accurate records. Sometimes, this prevents you from paying your Business Activity Statement or other taxes on time.
This is where we can help. For one monthly fee, we can manage your record keeping for you, allowing you to concentrate on the things that make money and will grow your business. For many business owners, it makes sense not to waste time on doing the bookkeeping.
This will also ensure you meet your tax obligations on time.
Have you been in the situation where bad advice or poor planning (or both) have left you owing the ATO. Deadlines and penalties add unrequired stress during a difficult trading period.
Falling behind on your tax and superannuation obligations may mean you:
• pay penalties,
• have interest imposed on outstanding amounts and
• end up on the ATO radar.
None of which is good for business.
Often the ATO will make an arrangement with you to pay by installments. Our team have a good working relationship with the ATO and regularly negotiate the penalties imposed. Alternatively, we can help you to get an extension, giving you the much-needed time to pay.
Don’t let your bookkeeping and tax requirements negatively impact your business. Work with us to streamline the collection and processing of information. Allow us to generate your figures and help you to best manage your tax situation.
Spend your time growing a profitable business.