Free webinar from business.gov.au for small business owners to learn critical knowledge and cash flow management skills.
If you ask many small business owners what keeps them up most at night, the overwhelming response is cash flow.
Where it is coming from, when it is coming, how it arrives how much is a huge factor in the health and long term viability of many small businesses.
During times of turbulence or fluctuation, there are a range of actions business owners can try to keep their cash flow heading in the right direction.
Tips on how to manage tax when work and cash flow isn’t consistent
- Do you use a tax agent? Think about your support network that can assist in preparing your business for tax time.
- Keep good records throughout the year.
- Put some money aside throughout the year, especially if you are registered for GST.
- If you feel overwhelmed, pick up the phone and reach out to see what options are available for you. The Australian Tax Office (ATO) can help you with organising a payment plan, delaying lodgement or payment.
Tips on how to make record keeping easier
- ATO accepts electronic copies of invoices and bank statements.
- With the ATO app in My Deductions you can take a photo of your receipts and send that information easily to your accountant.
- Using a software accounting package can help too.
Advice for new businesses that have just started or are going to start
- Establish a Wellbeing and Business Plan.
- Think about how you are going to manage your accounts and tax in advance.
- Do you have all your registrations? Think about your Tax File Number, ABN, and if you need to register for GST.
- If you employ staff, make sure to read up on your obligations.
- Reach out and ask for help. There is some great free information available online. Check out the ATO website and free webinars and workshops such as Record Keeping Essentials.
- Business.gov.au has a great range of helpful tools and resources in their starting a business guide.