Prepare for tax when starting your business

Starting a business can be overwhelming, with various aspects of the business to worry about. However, preparing yourself for tax properly is a key step you shouldn’t skip if you want to avoid unnecessary penalties, and be taxed at the right rate.

 

Record Keeping

Effective record keeping is not only for tax purposes, but also helps you manage your cash flow, keep track of business health, and provides evidence of your financial position to lenders.

Depending on your business structure, the requirements for your records may vary, so it’s important to check out business.gov.au for precise information on your situation.

 

How well do you understand taxation?

Particularly for businesses, there is a long list of different types of tax, registrations, etc. Additionally, it’s useful to know when and how you can use deductions.

To expand your knowledge on taxation for your business, read business.gov.au‘s webpages

 

Business.gov.au provides a detailed step-by-step procedure to lodge and pay tax. Don’t leave this for the very end, have a quick skim to gain a comprehensive understanding of lodging tax!