The recipe for business success

With tax time around the corner, it’s a great time to start thinking about your tax return. It’s also a good time to put good business practices in place ready for the new financial year.

Successful businesses that meet their obligations practise good cash flow management, good record keeping and have the right digital tools to help run their business.

Managing your cash flow allows you to make better business decisions. The Cash Flow Coaching Kit is a great resource to help you better manage your cash flow. Your trusted adviser can use the kit to help simplify your cash flow and improve your cash flow management skills.

Knowing what records you need to keep and ensuring they’re complete and accurate 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 report and lodge on time. Our record keeping evaluation tool will help you check how well you’re keeping your business records so you can make improvements and make next tax time even easier.

The right digital tools help you perform daily business activities easily and securely, making it easier to work with us when it’s convenient. Make sure you’ve set up myGovID and Relationship Authorisation Manager (RAM) to access our online services, including Online services for business which allows you to manage your business reporting and transactions in one place.

Remember, it’s important to lodge your tax return on time, even if you can’t pay. This will show us you’re aware of your obligations and doing your best to meet them.

If you’re worried you won’t be able to pay on time, we may be able to set up a payment plan for you. We encourage you to contact us early or speak with a registered tax professional who can help you meet your tax obligations.

Source: ATO