With the new financial year approaching, it’s essential for small businesses to have a recipe for success. Here are some key business practices to focus on:

1. Cash Flow Management: Managing your cash flow allows you to make better business decisions. There are cash flow resources available for small businesses at business.gov.au.
2. Record Keeping: Knowing what records you need to keep is crucial. Most records should be stored for 5 years in a safe place and written in English (or easily converted to English). A good record system makes it easier for you to lodge and pay on time.
3. Digital Tools: Having the right digital tools simplifies daily business activities and ensures you meet your tax obligations conveniently. Set up myGovID and Relationship Authorisation Manager (RAM) to access online services for individuals, sole traders, and businesses in one place.

Remember, timely lodgment and payment are essential. If you’re concerned about meeting deadlines, consider reaching out to us, or visit the ATO website for available support options.

All information was sourced from ato.gov.au with the aid of copilot.