Get ready for tax time with our good business habits

ATO understands most businesses try to do the right thing, and they’re here to help you get it right.

Running a small business is rewarding – but it can also be complex, especially when it comes to your tax and super obligations.

Whether you manage your own tax or use a registered tax practitioner, the ATO has a range of tools and resources to support your small business.

When ATO see businesses operating well, the common theme is getting the basics right:

• Use digital tools and business software to streamline your processes and improve efficiency.
• Keep accurate and complete records all year round. Good record keeping makes tax time easier and helps you stay on top of your obligations.
• Get the right advice from trusted sources, like your tax professional or our website.
• Lodge and pay your tax in full and on time. If you’re worried you won’t be able to lodge and pay, contact your tax professional or visit our website before the due date to find out what support options are available.
• Set aside GST, pay as you go (PAYG) withholding and super from your cash flow, so you have the funds available when it’s time to pay.

Getting the basics right can make a big difference.

You can learn more about establishing good business habits or speak with RA Advisory’s registered tax practitioner.

Keep up to date

ATO has tailored communication channels just for small businesses – so you’ll always be up to date with the latest information and changes relevant to you.

Explore more articles in our Small business newsroom.

Subscribe to our free:

• monthly Small business email newsletterExternal Link
• email notifications about new and updated information on ATO’s website – just select the Business and organisations category to get updates relevant to you, including more articles like this one.

Source: ATO