Published on Feb 1, 2016
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Keeping your books in good order and doing your tax is not the most exciting thing about running a small business.
However, staying on to of your tax obligations by lodging your Business Activity Statement (BAS) on time can save you hard earned dollars and a lot of stress in the long run.
It’s important for businesses to keep close tabs on cash flow and to have a strong income management plan. Failure to do so may lead to a cash deficit when the time comes to do your taxes.
The ATO is a creditor you definitely want to stay on the good side of. Here’s some quick tips to keep the tax man satisfied:
• Adopt flexible accounting technology to track your cash flow and ensure quick and reliable access to records.
• Submit your BAS by the deadline to avoid penalties and interest, even if you have nothing to report.
• Put aside GST as soon as taxable income hits your books. Separate it from the rest of your revenue – it’s not cash and it’s not yours!
• Seek advice from the ATO if you need help determining your tax obligations.
Help is at hand
The Business Centre is offering tax and bookkeeping workshops targeted to the needs of small businesses through the Small Biz Connect service. Register to attend if you need help getting your books in order or a refresher on tax obligations for small business.
The workshops are subsidised by the NSW Small Business Commissioner and cost $45 per attendee, and include:
Let’s Talk Tax: essentials for small business
11 February 2016 9.30am – 12pm or 16 March 2016 5.30pm – 8pm
Want to better understand your tax obligations and improve your bottom line? This ATO accredited workshop will teach you all the essential small business tax basics.
DIY Bookkeeping: Fundamentals for small business
15 March 2016 5.30 to 8.30pm
Get on top of your business finances in this workshop presented by a bookkeeping expert and registered BAS agent. Learn the essentials to efficiently manage and maintain your books, including practical exercises to help gain greater control of your record keeping and reporting.
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Topic: Advance Cessnock City, Business Support, tax